Saudi's Qassim Cement Q1 profit hits $15mln

This earnings’ beat was driven by higher-than-expected selling prices

Saudi-based Qassim Cement has registered a net profit of SR56 million ($15 million) for the first quarter, beating the estimates of NCB Capital, a Saudi Arabia-based wealth and asset manager.
This earnings’ beat was driven by higher-than-expected selling prices, NCB Cap said, expecting improved selling prices to reflect positively on the whole industry.
The Saudi company which has an authorised capital of SR900 million (divided into 90 million shares) produces three main types of cement: Ordinary Portland (OPC/Type I); Sulphate Resistant (SRC/Type V) and Limestone Cement.
NCB Cap has cautioned that sales volumes will remain weak in H1 2019, which may pressure selling prices.
"Clear deadlines of domestic mega projects will represent a main catalyst for improved demand in the Kingdom," it added.-TradeArabia News Service

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