Riyadh-Mubasher: Hail Cement Co. (HCC) recorded net earnings of SAR 29.9 million in Q4-15, falling 27% compared with SAR 40.8 million in the year-ago period.
Q4 profit decline was due to a slight decrease in revenues and increase in cost of sale due to adverse market conditions, the cement producer said.
FY15 net income also declined 23% year-on-year from SAR 147.05 million to SAR 113.54 million.
The full-year profit decline was due to an increase in cost of sale as a result of higher sales volume, HCC said.
