Saudi Eastern Province Cement posts 1H net profit

Saudi Eastern Province Cement posts 1H net profit
Published: 10 September 2010

Saudi cement producer Eastern Province Cement Company (EPC) said it booked a net profit of SAR196m (US$52.3m) for the first half of 2010, slightly down from SAR 200m a year ago.

The earnings per share (EPS) stood at SAR 2.28, versus SAR 2.33.

The slight decrease in the company’s bottom-line results was attributed to a rise in operating expenses.
The operating profit dropped to SAR 193m in the first half of 2010 from SAR 206m a year earlier.

For the second quarter of 2010, the company’s net profit was SAR104m, almost unchanged from SAR103m a year ago.