Southern Province reports 51.3% net profit rise, Saudi Arabia

Southern Province reports 51.3% net profit rise, Saudi Arabia
Published: 12 October 2011

Southern Province Cement Co, Saudi Arabia’s biggest cement company by market value, said yesterday its third-quarter net profit surged 51.3% to SAR180m (US$48m) compared with the year-earlier period, due to higher sales and demand.

Earnings per share for the first nine months of the year were SAR4.61, compared with SAR3.52 in the year-earlier period, Southern Province Cement said in a statement posted on the Saudi bourse website.

Third-quarter operating profit jumped 49.2% to SAR185m from the year-ago period.