Southern Province net profit up 29%

Southern Province net profit up 29%
Published: 19 July 2011

Southern Province Cement Co, Saudi Arabia’s biggest cement firm by market value, said Monday its second-quarter net profit rose 29.2% to SAR239m (US$63.7m) compared with the year-earlier period, due to higher sales and demand.

The result was above the SAR233m that analysts at Riyadh-based NCB Capital had noted in and the SAR237m predicted earlier by the firm.

First-half earnings per share were SAR3.32, compared with SAR2.68 in the year-earlier period, Southern Province Cement said in a statement posted on the Saudi bourse website.

Operating profit in the first six months of the year jumped 30.6% to SAR239m from the year-ago period.