Southern Province Cement (SPC) posted an estimated net profit of SAR244m for 4Q11 compared to SAR165m for the same quarter of the previous year, an increase of 47.88%, according to a press statement of the company issued today.
This also showed an increase of 35.56% against the posted net profit of SAR180m during the previous third quarter of the year 2011. The company’s estimated gross profit during the fourth quarter of 2011 is SAR260m compared to SAR180m for the corresponding period last year, an increase of 44.44%.
Estimated operating profit during the fourth quarter of 2011 is SAR248m compared to SAR171m YoY, an increase of 45.03%.
Expected net profit for the whole of 2011 is SAR888m compared to SAR659m for the same period of the previous year, an increase of 34.75%.
The reason behind the rise in net profit in 4Q11 and FY11 is attributed to increased local sales. Furthermore, as there were no unforeseen stoppages at the main production lines, optimum usage of SPC’s facilities were achieved..