Saudi Cement reports increase of 13.2% in annual net profits
Saudi Cement announced the preliminary 2010 results, which showed net profit of US$175.8m, compared to US$155.3m in 2009 – an increase of 13.2 per cent YoY basis, according to a report by Beltone Financial.
Net profit for the fourth quarter of 2010 stood at US$40.53m, YoY increase of 4.5 per cent, compared to 2009’s figure of US$38.79m.
"The results have exceeded our expectations by 3.6%, on the back of increased operational efficiency and increased sales volumes in the local market, while coming in below consensus expectations by 2.4%," Beltone Financial analysts wrote.
Published under Cement News
