Saudi cement firms profit hits USD1.56b
29 Jan 2015
(MENAFN) The net profit of the Saudi cement firms has registered an increase by 6 percent in 2014, reaching USD1.56 billion compared with USD1.48 billion recorded in 2013, while their profit during the October-December period grew by 31 percent to USD382.86 million compared with USD292.46 million during the same period in the previous year, Arab News reported.
In general, profits of seven firms, out of 14 listed companies, grew while profits of six companies dropped in 2014 while one company, Um Al-Qura Company, registered losses in the year.
In terms of companies which recorded gains, Arabian Cement Company (ACC) registered the biggest profit, with its profits reaching USD171.75 million compared to USD51.04 million in 2013, an increase of 236 percent, with the company attributing the surge in profits to a growth in sales, which reached USD457.31 million in 2014 compared with USD361.59 million in 2013.
ACC was followed by Hail Cement Company (HCC), which was the second biggest booster for the sector, with its profits reaching USD39.08 million in 2014 compared to USD13.29 million in 2013, thus increasing by 191 percent.
Meanwhile, profits of six companies dropped in 2014 and negatively affected the sector’s profit growth in the year, with the profits Yamamah Cement Company (YCC) dropping by 23 percent, followed by Saudi Cement Company (SCC) at 8 percent.