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Hail Cement generates SAR 25.1m profit in Q3

Hail Cement generates SAR 25.1m profit in Q3
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Hail Cement posted SAR 25.1 million net profit for the third quarter of 2014, leaping 48.19% from SAR 16.9 million in Q3 2013 but dropping 45.43% from SAR 45.9 million in Q2 2014.
The cement producer recorded SAR 106.2 million net earnings in the nine-month period until Sept. 30, 2014, with a surge of 392.66% compared with SAR 21.5 million a year earlier.
The earnings per share grew from SAR 0.22 to SAR 1.08.
Hail Cement ascribed Q3 profit increase y/y to the growth in sales revenue and better performance compared to same quarter last year.
The company attributed the nine-month profit rise to the growth in sales revenue compared to same period of last year, as the commercial operations of the company in 2013 had started in May.
However, Q3 profit decline q/q was due to the decrease in revenue compared to previous quarter, as sales during the quarter decreased in Ramadan, Eid and Summer holidays. In addition, there is an increase in the direct costs due to shutdown.