Riyadh – Mubasher: Arabian Cement Co. achieved a net profit of SAR 225.6 million ($60.16 million) in the first three months of 2016, a rise of 15.5% from SAR 195.3 million ($52.08 million) in the same period last year.
The profit increase is attributed to growth in other revenues after receiving compensation worth SAR 17 million from an insurance firm and cancelling of SAR 15 million in expenses for a goodwill impairment in a Jordanian company.
Without excluding one-off gains from the insurance compensation and goodwill impairment, Arabian Cement’s Q1-16 profits are the highest since Q1-03.
