Saudi Cement Q1 net profit up 19pc
Riyadh, April 13, 2011
Saudi Cement Company reported a 19 percent rise in its first-quarter net profit to beat analysts' forecasts as higher production and lower costs boosted earnings, the firm said on Wednesday.
The company, Saudi Arabia's second-largest cement producer by market value, made a net profit of 210.8 million riyals ($56 million) in the three months to March 31, compared to 176.6 million riyals in the year-earlier period.
"The reason for the rise in profit ... is the increased production capacity after adding new production lines, in addition to lower consumption costs," the firm said in a statement to the Saudi bourse.
Analysts on average had forecast a quarterly profit of 175.43 million riyals, according to a Reuters poll.
Shares in Saudi Cement rose 0.9 percent to 53.75 riyals on Wednesday, outperforming Saudi Arabia's index, which gained 0.2 percent. - Reuters