Cement Industry Profits down 17%, In Q3, 2021

The combined profits of 12 cement companies, included in the market forecasts fell to SR45 million, by the end of the third quarter of the year, 16.8% lower than the median expectation of SR547 million, according to Maaal follow up, based on analysts’ expectations for the results of cement companies listed on the Saudi stock market “Tadawul”.

At the end of Q3, 9 out of the 12 companies’ profits fell short of expectations, led by Hail Cement Company, which made SR6 million in profits at the end of Q3, down 63.2% from the average forecasts of the market analysts, predicted SR16.2 million, and Yamama Cement Company, whose profits fell 40% short of the median forecast.

On the other hand, only 3 companies exceeded the average expectations of the consulting firms, with Tabuk Cement Company recording SR8.5 million in profits by the end of Q3-2021, exceeding the consulting firms’ expectations by 149.4%, which suggested achieving SR3.4 million.

By the end of the three months ending in September 2021, Najran Cement Company had made a profit of SR36.1 million, outperforming the average expectations of expertise houses of SR22.2 million, while Yanbu Cement’s profits rose slightly above the average expectations of the market analysts by 2.2%, to SR36.4 million, compared to the average forecast of SR35.6 million.

Source: Tadawul, Financial Statements, Maaal follow up unit