Saudi firms’ net profit up 6% YoY

The net profit of the Saudi cement firms has registered an increase by six per cent in 2014, reaching US$1.56bn compared with US$1.48bn recorded in 2013, Arab News reported.

Profit during the final quarter of 2014 increased by 31 per cent to US$382.86m compared with US$292.46m, during the same period in the previous year,

In 2014, seven of the 14 listed companies grew, six companies saw profits drop while Um Al-Qura Company, registered losses in the year.

Arabian Cement Company (ACC) registered the biggest profit, with its profits reaching US$171.75m compared to US$51.04m in 2013, an increase of 236 per cent, with the company attributing the surge in profits to a growth in sales, which reached US$457.31m in 2014 compared with US$361.59m in 2013.
Hail Cement Company, which was the second biggest booster for the sector, with its profits reaching US$39.08m in 2014 compared to US$13.29m in 2013, thus increasing by 191 per cent.