Saudi Cement Q1 profit surges 6pc
RIYADH, April 14, 2015
Saudi Cement has reported a 5.9 per cent increase in first-quarter net profit on Tuesday, beating analyst forecasts, as higher exports boosted its earnings.
The kingdom's largest cement company by market value said in a bourse filing its net profit for the three months to March 31 was SR303 million ($80.8 million), compared to SR286 million in the corresponding period of 2014.
Seven analysts polled by Reuters, on average, forecast Saudi Cement to make a net profit of SR292.2 million for the quarter.
It attributed its net profit rise to higher overseas sales and higher profit from associated companies without elaborating.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.-Reuters