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.


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