Kuwaiti Hilal Cement 9-mo net profit drops

Kuwaiti Hilal Cement 9-mo net profit drops
Published: 27 November 2009

The net profit of Kuwaiti cement producer Hilal Cement) declined to KWD315,100 (US$1.1m) for the nine months ended September 30, 2009, from KWD 1.26m a year ago.

The earnings per share (EPS) stood at 5 fils compared to 20 fils.

For the third quarter of 2009, the company posted a net profit of KWD635,547, up from KWD 316,159 in the same period last year.

The total assets declined to KWD 22.1m at end-September 2009 from KWD 24.6m at end-September 2008.

In April 2008, Hilal Cement said it had acquired 100% in a local ready-mix concrete producer for KWD3.2m. A month earlier, the company bought 100% in local ready-mix concrete producer Gulf Readymix for KWD 3.7m. In February, a similar deal was concluded in which Hilal Cement acquired Kuwait German Readymix.