Saudi Cement Q3 profit jumps 39pc
Jeddah, October 13, 2011
Saudi Cement Company has reported a 39 percent rise in its third-quarter net profit on increased efficiency and higher local demand, beating analysts' forecasts.
The firm made a net profit of 195 million riyals ($52 million) in the three months to end-September, compared with 140 million riyals a year earlier.
Four analysts surveyed by Reuters expected the firm to post, on average, 171.9 million riyals in net profit for the third quarter.
The company said it had raised efficiency by using new production lines and that local demand had grown. It attributed the fall in profits from the second quarter to a seasonal decline in sales.
The company posted a second-quarter net profit of 214 million riyals.
Saudi Cement's shares closed 0.8 percent higher at 63.25 riyals a share in earlier trading on Wednesday, outperforming Saudi Arabia's bourse which closed 0.2 percent lower. - Reuters