Saudi Southern Province Cement 1H net profit drops

Saudi Southern Province Cement 1H net profit drops
Published: 02 September 2010

Saudi cement producer Southern Province Cement (SPC) said in a bourse filing that its net profit for the first half of 2010 fell to SAR375m (US$100m) from SAR412m a year earlier, or a decrease of 8.98% YoY.

The earnings per share (EPS) stood at SAR 2.68, down from SAR 2.95.

SPC explained the lower bottom line figures with a decrease in sales, but did not give exact figures.

The gross profit was SAR399m, down 7% on the year, while the operating profit stood at SAR 377m, down 8.5%.