Saudi Cement posts SR249m net profit

26/07/2016 05:17 AST

Saudi Cement met analysts' estimates as it reported a 2 percent decline in second-quarter net profit on Monday due to a drop in sales and rising power costs.

One of the Kingdom's largest cement firms by market value, it made a net profit in the three months to June 30 of SR249 million ($66.4 million), down from SR254 million in the corresponding period of 2015, according to a bourse filing.

The average estimate of five analysts polled by Reuters was for a quarterly profit of SR243.2 million.

Saudi Cement attributed the net profit slip to a decline in sales, and an increase in the costs due to rising power prices. It did not elaborate further, however, the company had said previously that it expects the fuel and electricity price hikes announced in the 2016 government budget to increase its production costs by 68 million riyals this year. Construction-related firms have also been put under pressure by a slowdown in the sector, caused by cutbacks in state spending due to lower oil prices.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

The company announced on May 25 it would pay a cash dividend of SR2.75 a share for the first half of 2016, marginally lower than the SR3 per share payout for the same period last year.


Arab News

News

Saudi Cement net profit down 37pc in Q1

14/05/2017

Saudi Cement has registered a 37 per cent drop in its net profit for the first quarter which fell to SR165 million ($44 million) from SR265 million ($70.5 million) last year owing to the drop in sale

Trade Arabia

Saudi Cement announces cash dividends for 1st Half 2016

25/05/2016

The Board of Directors of Saudi Cement Company has resolved during its meeting held on 24/05/2016 (17/08/1437), to distribute interim dividends to the shareholders for the period first half of 2016 a

Tadawul

Saudi Cement Q1 net profit falls 13pc

19/04/2016

Saudi Cement has reported a 12.5 percent drop in its first-quarter net profit, hurt by a decrease in sales and an increase in energy costs.

One of the kingdom's largest cement firms by mar

Trade Arabia

Most Viewed Companies

Ticker Price Volume
NADEC 27.30 1,369,614
ARDCO 29.25 233,374
DU 6.55 441,215
A.OTHAIMMARKET 11.90 545,416
HERFYFOODS 26.10 412,306
MIS 183.20 17,353
LUMI 77.50 102,302

Valuation

SAUDICEMENT Sector Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
SABIC 73.10 0.40 (0.55%)
MAADEN 53.60 2.20 (4.28%)
SABICAGRINUTRIENTS 118.00 1.80 (1.54%)
MARBLEDESIGN 83.50 0.00 (0.00%)
LIMEINDUSTRIES 12.18 0.38 (3.22%)

Recent News

EEC's capital optimization plan to shore up financial position and sustain growth: CEO

14/09/2024

RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <

Saudi Gazette

Arabian Mills set final IPO price at $17.59 per share as CEO details growth vision

12/09/2024

Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces

Arab News

SABIC-MCC joint venture starts output

04/05/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

logo

Financial Information Co.

(MITCO), P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap