Riyadh-Mubasher: Saudi Cement Co. said it recognised SAR 66.15 million impairment losses for the net book values of kilns 4 and 5 at Hofuf factory as on 31 December 2015.
“The losses were due to the continuation of high clinker inventory and continued export ban, which will reduce the possibility of resuming operations at the kilns that were not operated,” the cement producer said in a bourse statement.
The relevant financial impact will weigh on the company’s profits for Q4-15 and full-year.
The cement producer earlier announced completing the rehabilitation works for kilns 4 and 5, with a total designed capacity of 3,000 tonnes of clinker per day.
