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FINANCIAL NEWS
Saudi construction sector profits down 39 percent in 9M
08 Dec 2014
(MENAFN) The Saudi construction and building firms have reported a combined decline in their net profit by 39 percent to reach USD140.63 million during the January-September period of this year compare to USD232 million registered during the same period last year, Arab News reported.
The construction firms’ profit also registered a sharp drop during the July-September of this year, reaching USD10.64 million compared to USD85.24 million during the corresponding period of last year, thus registering a decline of 80.4 percent, as well as declining by 56 percent compared with the profit registered in the second quarter of this year, which stood at USD38.27 million.
In terms of individual companies, Saudi Ceramic Company was the company which registered the highest profit as its profits raised by 6 percent to USD66.66 million in the last nine months compared to USD62.91 million in the same period last year.
Meanwhile, Zamil Industrial Investment Company was the second biggest profit maker among the construction companies during the January-September period, registering an increase in its profits by 12 percent to USD52.04 million compared to USD46.67 million in the same period last year.
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