Saudi cement firms posted a 6 per cent growth in net profit in 2014 to reach $1.56 billion compared with $1.48 billion recorded in 2013.
The profit during the October-December quarter grew by 31 per cent to $383 million compared with $293 million during the same period in the previous year. The net profits of seven firms, out of 14 listed companies, grew, while that of six companies dropped in 2014 and one company, Um Al-Qura, registered a net loss. Arabian Cement Company (ACC) registered the biggest profit, with its profits reaching $172 million compared to $51 million in 2013, a whopping 236 per cent increase. The company attributed the surge in profits to a growth in sales, which reached $457 million in 2014, compared with $361.6 million in 2013.
ACC was followed by Hail Cement Company (HCC), which was the second biggest booster for the sector. Its profits reached $39.1 million in 2014 compared to $13.3 million in 2013, increasing by 191 per cent.