Riyadh – Mubasher: Hail Cement Company posted a 15.27% increase in net profit for the third quarter of 2016, according to a bourse filing on Sunday.
The cement firm achieved SAR 20.12 million ($5.36 million) net profit in Q3-16 from SAR 17.45 million ($4.65 million) in the prior-year period.
The rise in net profits was attributed to unrealized investment loss recognized during same quarter last year, the statement said.
The company’s net profits fell 3.3% to SAR 80.85 million in the first nine months of 2016 from SAR 83.59 million achieved in the year-ago period.
Lower profits in the nine-month period was due to lower total sales because of less demand and strong competition and the increase in the Zakat provision.
