Qassim Cement net slips, Saudi Arabia
Qassim Cement Company saw net profits for the fourth quarter and the year overall fall, as the company struggles in a tighter market as only one of two companies that failed to sell more last year than 2009.
After-tax returns fell from SAR173.48m to SAR112.78m, down 35%, for the last three months of 2010 against the same period the previous year, though operating profits rose 19.21% to SAR122.75m and gross profit rose 11.4%.
“The reason for the decline in the consolidated net profit during the fourth quarter ... was due to the decline in the other income which fell by SAR82.5m being represented by the proceeds of fines and compensation derived from the delayed implementation of the work of the production line no.3 project from the contractors and suppliers,” the company stated to the Tadawul in Riyadh yesterday.
Published under Cement News
