Lower than expected!
SPCC announced lower Q1 2017 figures compared to the previous year. These results reflected the disastrous state of the Saudi cement sector. Revenues fell by 44.8% to SAR303m vs. SAR549m in the same quarter last year, harmed by a volume decline by 32.9% (from 2,280 mt to 1,528 mt). However, the income from equity associates increased by 3.23% to attain SAR3,360m. SPCC’s net profit was down by 62.9%, comparing to Q12016, to only SAR105m.Southern Province Cement Company SJSC is a Saudi Arabia-based public shareholding company engaged in manufacturing and marketing of cement and its derivatives, as well as undertaking all related businesses. The Company operates three factories in Jazan, Bisha and Al-Kunfuza, Kingdom of Saudi Arabia. The Company's major shareholders include Public Investment Fund (37.4%) and General Organization for Social Insurance (15.40%).
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