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CEO Khalid Al-Ahmed
Hail Cement Co.’s Q4 2020 net profit was hit by fierce competition, which weighed on the average selling prices of products, CEO Khalid Al-Ahmed told Argaam in an exclusive.
However, local demand for cement is expected to grow by 2% in 2021, Al-Ahmed said.
The CEO added that the cement producer completed the settlement of all debts, after repaying the SAR 152 million loan owed to Saudi Industrial Development Fund (SIDF).
Hail Cement’s net profit surged to SAR 107.5 million for fiscal year 2020, from SAR 59.1 million a year earlier, Argaam reported.
Related News
Hail Cement net profit up 82% to SAR 107.5 mln in 2020 |
Hail Cement settles SAR 152 mln loan from SIDF |
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