For the fourth-quarter ended 31 December, 2015, Saudi Cement recorded a 32.8% decline in net profit to SAR 180 million (€43.99 million US$48.02 million) from SAR 268 million in the year-ago quarter.
The decline was attributed by an impairment charge of SAR 66.2 million for two kilns at its Hofuf plant, which affected sales.
Looking forward, the company forecasts its production costs to increase by SAR 68 million in 2016 due to price hikes in fuel and electricity announced by the government for Budget 201
For the fourth-quarter ended 31 December, 2015, Saudi Cement recorded a 32.8% decline in net profit to SAR 180 million (€43.99 million US$48.02 million) from SAR 268 million in the year-ago quarter.
The decline was attributed by an impairment charge of SAR 66.2 million for two kilns at its Hofuf plant, which affected sales.
Looking forward, the company forecasts its production costs to increase by SAR 68 million in 2016 due to price hikes in fuel and electricity announced by the government for Budget 2016.
