Hail Cement sees 15.3% rise in net profit for 3Q16

Hail Cement sees 15.3% rise in net profit for 3Q16
Published: 17 October 2016


Hail Cement posted a 15.27 per cent increase in net profit for the 3Q16, according to a bourse filing. The cement company reported a net profit of SAR20.12m (US$5.4m) from SAR17.45m in 3Q15, which was attributed to unrealised investment loss recognised during the same quarter last year.

In the first nine months of 2016, net profits slipped 3.3 per cent YoY to SAR80.85m from SAR83.59m. The lower profits were a result of lower total sales as demand fell, competition increased and there was an increase in the Zakat (tax) provision.