By: Thabet Shehata
Riyadh – Mubasher: Saudi-listed cement companies’ combined profits declined 21.2% year-on-year to SAR 1.3 billion ($351 million) in the second quarter of 2016 from SAR 1.67 billion ($445 million).
Total net profits for all listed cement companies also decreased 13.89% to SAR 2.9 billion in the first six months of 2016 from SAR 3.37 billion in H1-15, according to a statistics by Mubasher.
Operating profits were down 22.3% year-on-year to SAR 1.32 billion in Q2-16 from SAR 1.7 billion, and fell 14.86% to SAR 2.95 billion in H1-16 from SAR 3.47 billion in the year-ago period.
Southern Province Cement recorded the sector’s highest net profits of SAR 268 million in Q2-16, shedding 0.74% year-on-year, while profits rose 2.8% to SAR 551 million in H1 this year compared to last year.
Saudi Cement came in second with a 1.97% decrease to SAR 249 million in Q2, and down 7.7% year-on-year to SAR 514 million in H1.
On the other hand, Tabuk Cement achieved the least profits, retreating 21.2% to SAR 21.2 million in Q2-16 and 27% to SAR 43.35 million in H1-16.
Umm Al Qura Cement was the only company that recorded losses during the period, achieving SAR 4.35 million losses in Q2-16 down from SAR 7.6 million losses in the same period of the preceding year.
The company’s losses reached SAR 8 million in H1-16, down from SAR 12.3 million in the year-ago period.
Translated by: Sara Ghali
