Saudi Southern Cement sees 2009 profit down 8 pct

Saudi Southern Cement sees 2009 profit down 8 pct
Published: 29 December 2009

Southern Province Cement Co (SPCC), one of Saudi Arabia’s top three cement firms by market value, said on Sunday its net profit in 2009 would be 7.8 per cent lower than in 2008.

SPCC said preleminary results show that its net profit this year would reach SAR729m (US$194.4m) down from SAR791m a year earlier.

Based on previous quarterly earnings, this means that SPCC expects its net profit during the fourth quarter to be flat at SAR176m.