Arabian Cement profits down 84% in 4Q16
Arabian Cement Company have reported an 84.36 per cent YoY fall in net profit in the 4Q16, according to a bourse filing. Profits reached SAR24m (US$6.4m) in 4Q16 compared to SAR153.5m in the corresponding period of the previous year.
A decrease in gross profit by SAR125m was a result of a decline in sales volume and prices, as well as the increase in general and administrative expenses by around SAR3m, the company’s statement indicated.
Total net profits for 2016 retreated by 18.41 per cent to SAR489.6m from SAR600.1m in 2015. The decline in annual gross profit by SAR172m is attributed to a fall in sales volume and prices.
