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Saudi Cement posts 37pct fall in Q1 revenue

14 May 2017

(MENAFN) Saudi Cement has recorded a 37 percent decline in its revenue for the first quarter, which dropped to USD44mn from USD70.5mn last year due to sales volume and sale price.

Furthermore, this was in line with the predicted SR161mn as well as consensus forecast of SR167mn, as exposed a report by major Saudi lender Al Rajihi Capital.

However, the firm’s average realized price marginally fell by 3 percent year on year and was down 2 percent quarter on quarter, as compared to deep discounts offered by other cement firms.

In addition, Saudi Cement’s gross profit fell 35 percent year on year to SR191mn, impacted by the fall in the top-line as well as the increase in cost per ton by 4 percent year on year.

MENAFN1405201700450000ID1095476905

MENAFN1405201700450000ID1095476905

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