Southern Province Cement 9-month net profit drops

Southern Province Cement 9-month net profit drops
Published: 05 November 2010

Saudi cement producer Southern Province Cement (SPC), the Kingdom’s biggest cement firm in market value, said in a bourse filing that its net profit for the nine months ended September 2010 dropped to SAR494m (US$131.7m) from SAR553m a year earlier, or a decrease of 8.9% YoY.

The earnings per share (EPS) stood at SAR 3.52, down from SAR 3.95.

SPC explained the lower bottom line figures with a decrease in sales resulting from the tough competition on the local market, but did not give exact figures.