Saudi Eastern Province Cement net profit drops

Saudi Eastern Province Cement net profit drops
Published: 17 November 2010

Saudi cement producer Eastern Province Cement Company (EPC) said it booked a net profit of SAR260m (USD 69.3m) for the nine months through September 2010, down 14% year-on-year from SAR301m a year ago.

The earnings per share (EPS) stood at SAR3.02, versus SAR3.05.

The decrease in the company’s bottom-line results was attributed to a rise in operating expenses, coupled with lower sales volumes and prices.

The operating profit declined to SAR266m in the first nine months of 2010 from SAR308m a year earlier.

For the third quarter of 2010, the company’s net profit plummeted to SAR64m, down 37% on the year.