Hail Cement CEO says Q4 2020 hit by lower selling prices, local demand likely to grow 2% in 2021

31/01/2021 Argaam Special

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.

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