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Wednesday, 19 April 2017

MIDEAST STOCKS-Cement caps gains in Saudi, Dubai's Arabtec leaps | Reuters

MIDEAST STOCKS-Cement caps gains in Saudi, Dubai's Arabtec leaps | Reuters:

"Construction-related shares underperformed Riyadh's stock market in early trade on Wednesday because of poor first-quarter earnings, though troubled Dubai builder Arabtec jumped after shareholders approved a capital restructuring plan.

The Saudi index was almost flat after 30 minutes of trade. But Arabian Cement slumped 5.6 percent after it posted a net profit for the three months to March 31 of 100.1 million riyals ($26.7 million), down 55.4 percent from the prior-year period. The company attributed the fall to lower sales volumes and prices.

It said its adoption of IFRS accounting rules had made no significant changes to its results. Companies in Saudi Arabia are now obliged to report earnings based on IFRS, and the securities regulator said last year that firms could report interim earnings as long as 30 days after the end of each period, rather than 15 days as previously."



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