(The Group’s Comments) Qatar Cement Net
Profit Drops to QR 66.45 Million in Q1 2019
April 17, 2019
Profits: Qatar National Cement’s profits
amounted to QR 66.45 in the first quarter of 2019, a drop of
26%, compared to QR 90.26 million for the same period of 2018,
while the company’s earnings per share reached QR 1.02 in the
first quarter of 2019, versus QR 1.38 in the corresponding
period of last year. It should be noted that the profits in the
fourth quarter of 2018 amounted to QR 129 million.
The reasons for the decline in net profits can be summarized as
follows:
1.
Sales decreased by 11.7% or QR 28.57
million, with sales down to QR 213.07 million versus QR 241.3
million for the same period of 2018.
2.
The company recorded a loss from
investment in an associate company amounting to QR3.2 million in
this past quarter, while in the same period last year the
company made a profit of QR 471,000 from investment in Qatar
Saudi Gypsum Company.
3.
During the last quarter, the company
recorded financing costs of QR 2.12 million, which are not
offset by financing costs for the same period.
Comprehensive Income: During the first quarter of 2019,
the company recorded an estimated profit of QR 13.6 million
compared to a loss of QR 9.9 million for the corresponding
period of 2018.
Assets: declined by 9.0% during Q1 2019 to
QR 3,427 million, as well as cash balances, which dropped by QR
403 million as a result of the dividends distribution of QR
326.8 million in 2018 in addition to repaying part of the
liabilities that decreased by QR 105 million.
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