Net profits of the listed construction and building firms fell by 32.7 percent to reach SR323 million in the first quarter of the current year compared to SR480.4 million in the same period last year, according to a financial report.
However, profits of the sector in Q1 were higher by 10 percent compared to profits of Q3, 2013, which stood at SR295 million, an Al-Hayat daily report said.
On the other hand, sales of the sector fell by 1.36 percent to reach SR5.94 billion compared to SR 6.03 billion in the same period last year, the report said.
The sector comprises 15 listed companies whose market capitalization is worth SR34.2 billion, or 1.73 percent of the market value of the capital market. Their capitals stood at SR9 billion, the report said.
According to the report, Saudi Ceramics Company achieved the highest profits among the construction sector companies at SR87.4 million in Q1 compared to SR82.2 million in Q1, 2013, or an increase of 6.34 percent. Its profits were higher by 19.3 percent compared to profits of Q4, 2013, which stood at SR73.25 million, the report said.
Zamil Industrial Investments Company had the second highest profits at SR66 million in Q1 compared to SR62.7 million in the comparable period, or an increase of 5.3 percent, the report said.
Meanwhile, profits of Bawan Company grew by 15.8 percent to SR46.7 million in Q1 compared to SR40.3 million in the same period last year but higher by 20.1 percent at SR38.9 million in Q4, 2013, the report said.
Other companies realizing profits at different rates in Q1 compared to the similar period last year were as follows: Red Sea Housing Services SR43.52 million compared to SR 31.72 million (+37.2 percent), Abdullah Abdulmuhsin Al-Khudari Sons Company SR32.63 million compared to SR18.28 million (+78.44 percent), United Wire Factories Company SR30.4 million compared to SR39.6 million (-23 percent), Saudi Vitrified Clay Pipe Company SR22.7 million compared to SR22.1 million (+2.7 percent), and Al-Babtain Power Telecom Company SR22.2 million compared to SR15.6 million (+42.31 percent), the report said.
In the meantime, four of the construction firms have incurred losses in Q1 as follows: Saudi Cables Company SR41.13 million, Mohammed Al-Moajil Group SR22.7 million, Middle East Specialized Cables Company SR7.83 million and the Arabian Pipes Company at SR6.82 million, the report said.