Arabian Cement records net loss in 2018

Arabian Cement has recorded a SAR26.2m (US$6.98m) loss for the full-year 2018 period, compared with a SAR262.7m net profit of the previous year. The Saudi producer has attributed the loss to a drop in average selling prices, lower sales, higher financing expenses and zakat provision, according to the company’s statement to the Saudi Stock Exchange.

Sales declined 34 per cent to SAR600.7m in 2018, falling from SAR905.7m in 2017. The 4Q18 saw the company’s profit drop 83.2 per cent YoY to SAR16.3m from SAR97.1m.