Saudi Cement net profit up 13pc
Riyadh, February 19, 2011
Saudi Cement Company, the country's second-largest producer, said on Saturday its net profit rose by 13 per cent in 2010 as it boosted capacity to meet higher local demand.
Saudi Cement made a net profit of 660 million riyals ($176 million) in 2010 compared with 582 million riyals in the previous year, the firm said in a statement.
"The reason for the rise in net profit for the year compared to the previous year is the increased production capacity as new production lines were used... as well as increased local demand," the statement said.
Operational profit increased 14 per cent to 681 million riyals from 598 million riyals in 2009.
Cement companies in Saudi Arabia are still faced with an export ban that was imposed in 2008 after cement prices skyrocketed as firms sought more lucrative offers abroad, leading to a shortage in local market and a hike in prices.
The ban, compounded by supply from new production lines in the country resulted in a saturation of the local cement market which led to lower prices and profits for cement producers in 2009.-Reuters
Tags: Saudi Cement Company |
More Industry, Logistics & Shipping Stories
- Emal to supply molten aluminium to Ducab unit
- Ducab acquires British cable firm
- Emirates SkyCargo wins top awards
- Bayer opens new coatings, adhesives lab in Dubai
- Chep Aerospace unveils new ULD mobile app
- Cargo summit calls for cut in transit times
- Dubai bus fare cheapest among top cities
- DHL Express boosts Mideast fleet
- DNV to re-certifiy Drydocks World services
- Amphibious boats make global debut in Dubai
- Qatar sets up mixed business incubator
- Non-oil sectors ‘biggest contributors to UAE economy’
- Alba educates customers on best practices
- Spinneys to set up distribution centre at Kizad
- Maritime courses draw more trainees
- Dow to showcase at Dubai coatings expo
- UAE aluminium sector backs Syria refugees
- Asry in big vessel repair milestone
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai