The net profit of Saudi cement producer Tabuk Cement Company (TCC) dropped to SAR 157m (US$41.9m) in 2008 from SAR220m in 2007, equal to a decrease of 28.6%, TCC said in a filing to the Saudi Stock Exchange.
TCC attributed the decrease to renovation and maintenance works, which led to a decline in production and an increase in costs, in addition to lower sales due to the Government’s ban on cement exports issued in the second quarter of 2008.
The earnings per share (EPS) stood at SAR1.74, down from SAR2.45.
The company reported a 32.3% YoY decline in the operating profit to SAR138.6m in 2008.
In the fourth quarter of 2008, TCC’s net profit dropped to SAR14.5m from SAR45.7m in the corresponding period a year earlier.