Arabian Cement Q4 profits soar 181%

Arabian Cement Q4 profits soar 181%
Standalone profits for FY16 shrank 15.06% (Photo credit: Arabianeye - Reuters)
ACC ARCC 1.50% 9.50 0.14

Cairo – Mubasher: Arabian Cement posted on Monday a rise of 181.4% in consolidated profits for the fourth quarter of fiscal year 2016 to EGP 87.4 million, versus EGP 31.06 million for Q4-15.

Consolidated profits for fiscal year 2016 reached EGP 245.02 million, 11.6% down from EGP 277.2 million for FY15, according to a bourse filing.

Standalone profits for FY16 shrank 15.06% to EGP 245.85 million from EGP 289.44 million for FY16.

Foreign exchange losses reached EGP 81.1 million in FY16, said another statement.

The company’s ordinary general meeting (OGM) will discuss on 5 April a proposal to distribute cash dividends of EGP 0.53 per share for the year ended on 31 December 2016.

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Source: Mubasher

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