Al Kathiri profit growth fueled by higher cement prices, says CEO

10/03/2021 Argaam Special

Meshal Al Kathiri, CEO of Al Kathiri Holding

Al Kathiri Holding Co.’s profit and sales growth in the fourth quarter of 2020 was buoyed by better cement prices and new partnerships in several projects, CEO Meshal Al Kathiri told Argaam.

 

Housing projects account for almost 30% of the company’s revenue.

 

Starting from the first quarter of 2021, cement prices jumped 20%, Al Kathiri said, attributing this rise to the giga projects revealed in the Kingdom, particularly in the Central Region.

 

Basic material prices are expected to continue their uptrend this year. Cement prices are forecast to climb up to 30% and return to normal levels of SAR 240 per ton, compared to SAR 210 per ton.

 

Moreover, Al Kathiri Holding boosted its transportation fleet and ready-made concrete capacity, he added, noting that the company is ready to participate in mega projects.

 

Al Kathiri Holding posted a 40% drop in 2020 net profit to SAR 9.7 million, compared to a net profit of SAR 16 million a year earlier. The fourth-quarter earnings grew by 9% year-on-year to SAR 4.7 million, Argaam reported.

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