Saudi Cement Company net rises 13%

Saudi Cement Company net rises 13%
Published: 21 February 2011

Saudi Cement Company, one of the Kingdom’s biggest manufacturers, said net profits last year rose 13% to SAR659.5m (US$ 205m) as enhanced production lines translated into higher takings against 2009.

The Dammam-based maker of standard Portland salt-resistant and oil-field cements said this after-tax gain compared to SAR582.4m the previous year. Gross profits increased by the same percentage – up to SAR768.9m from SAR679.5m - with earnings per share rising to SAR 4.31 from SAR 3.81.

“The main reasons for the increase in profit in comparison with previous year are increased production efficiency from relying on new production lines that have achieved more stable operating efficiency and growth in local demand,” the company told investors through the Tadawul stock exchange website on Saturday.