Riyadh – Mubasher: Hail Cement Company posted a 20.99% decrease in net profit for the fourth quarter of 2016, according to a bourse filing on Monday.
The cement firm achieved SAR 23.67 million ($6.31 million) net profit in Q4-16 from SAR 29.95 million ($7.99 million) in the prior-year period.
Profits fell 7.95% SAR 104.52 million in the year 2016 compared to SAR 113.55 million in 2015.
The decline in net profits was attributed to lower total sales due to weak demand, despite unrealized investment profits in the shares’ portfolio, the statement said.
The company’s net profits rose 15.27% to SAR 20.12 million in Q3-16 from SAR 17.45 million ($4.65 million) in the prior-year period.
