The slump persists
Cement makers’ results fuel our worries about the Saudi sector. SPCC’s revenues stand at SAR216m, down by -43.2% in Q3 2017 compared to the same quarter one year earlier. The Net profit fell sharply by 67% to SAR57m in Q3 2017 vs. SAR174m in Q3 2016. The company’s EPS stands at SAR 0.68 vs. SAR1.91, a decrease of 64.4%. SPCC’s EBITDA margin shrank by 540 bps, decreasing from 60.9% to 55.5% on 30/09/2017.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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