Riyadh – Mubasher: Saudi Cement Company achieved an “in-line” set of results in the second quarter of 2016, losing 1.9% in net income year-on-year to SAR 249 million, according to a report by NCB Capital.
The research firm attributed the net income decrease to lower selling prices, which were down 3%year-on-year, due to discounts offered by the company to gain market share.
“Saudi Cement increased its market share to 14% in Q2 from 12.3% in Q2-15,” the report said.
Total sales quantities increased 3.3% year-on-year to 2.06 million tonnes in Q2-16, which also met NCBC's estimates of 2.04 million tonnes.
Gross profit shed 0.7% year-on-year in Q2-16 to SAR 282 million, to be in-line with NCBC's expectations of SAR 285 million.
Operating profit declined 0.6% to SAR 257 million in Q2-16 compared to figures from the year-ago period, conforming to SAR 259.
