Qassim sees 6.55% second quarter rise, Saudi Arabia

Qassim sees 6.55% second quarter rise, Saudi Arabia
Published: 11 July 2011

Qassim Cement Company said net profits for the second quarter will reach US$38.56m (SAR144.6m), up 6.55% against the US$36m (SAR135m) posted the previous year, though declining 1.72% against the first quarter this year. Gross profit over the last three months will rise 3.6% to $41.6m (SAR 154m), with operating profit to lift 3.21% to US$138.80m (SAR145.5m). Six-month profits are expected to increase 3.86% to US$77.81m (SAR291.8m) against US$74.90m (SAR280.9m).

Higher profits were attributable to “higher sales amount and improved operating performance of the subsidiary company, while the decrease in the second quarter’s net profit compared to the first quarter is attributable to mostly occurrence of periodic maintenance during the second quarter which led to increase in cost and decline in the net profit,” said Qassim Cement’s board in a statement to investors through the stock exchange.