Tabuk and Eastern Province opposing results, Saudi Arabia

Tabuk and Eastern Province opposing results, Saudi Arabia
Published: 18 April 2011

Tabuk Cement and Eastern Province Cement Company reported mixed results in their net profits, with reasons ranging from higher demand to higher labour cost.

Tabuk Cement said net profits rose to SAR41.22m (US$11m) for the first three months, up 21% against SAR34m last year and up 73% against the previous quarter. Operating profits for the period reached SAR42.95m  against SAR34.7m last year, up 24%, with earnings per share rising to SAR0.46 against SAR 0.38.

“The reason for the increase in net profit during the current quarter is due to increase of sales quantities during the period in relation to increase of local demand,” the company told investors.