Saudi Arabia: Hail Cement Q4 profits decline 21%

Hail Cement Company (HCC) reported a 20.99 per cent decrease in net profit for the 4Q16. HCC achieved SAR23.67m (US$6.31m) net profit in the quarter, falling from SAR29.95m in the 4Q15.

Profits fell by 7.95 per cent to SAR104.52m in 2016 compared to SAR113.55m in 2015. The decline in net profits was attributed to lower total sales due to weak demand, despite unrealised investment profits in the shares' portfolio, the company’s statement said.

Net profits rose 15.27 per cent to SAR20.12m in 3Q16 from SAR17.45m in the corresponding period of the year prior.