Saudi Cement Company said net profits for the second quarter have risen more than 12% against the same period last year, with half-year profits rising more than 15%, as demand for the material in Saudi Arabia boosts the balance sheet.
The kingdom’s biggest supplier reported after-tax profits of $56.98m (SAR 213.7m), against US$50.82m (SAR 190.6m) last year, up 12.1%, as gross and operating profits rose 10.7% and 12.6% respectively. Net profits for the last six months stood at US$113.22m (SAR 424.6m), up 15.6% against US$97.92m (SAR 367.2m) posted in 2010. Gross and operating profits stood at US$129.86m (SAR487m) and US$117.46m (SAR 440.5m), respectively.
“The increase in net profits for the second quarter and the six months in comparison with the corresponding periods of last year is attributed to growth in local demand, increased production efficiency from relying on the new production lines that have achieved better operating efficiency, as well as a decrease in depreciation expenses,” the company stated.