Saudi cement producer Tabuk Cement Company (TCC) registered a decline in its net profit for the first half of 2009 to SAR 71.3m (USD 19m/EUR 13m) from SAR119.4m a year ago.
The decrease was chiefly due to lower sales during the six-month period, TCC said without giving exact figures. The earnings per share (EPS) stood at SAR 0.79, down from SAR 1.33. The operating profit stood at SAR 65.1m for the first six months of 2009, down from SAR 108.3m a year earlier.
For the second quarter of 2009, the company’s net profit dropped to SAR 37.8 m, down 45% year-on-year.
Tabuk-based TCC has an authorised and paid-up capital of SAR 700 million. Its products currently include ordinary Portland, Portland Pozzolan and sulphate resisting cement, in addition to clinker.