Eastern Province Cement net profit down

Eastern Province Cement net profit down
Published: 28 November 2008

The net profit of Saudi cement producer Eastern Province Cement Company (EPC) slipped to SAR 358m (US$95.4m) in the first nine months of 2008 from SAR 430m in the same period of 2007, or a decrease of 16.5%, the company said in a filing to the Saudi Stock Exchange.

EPC said the decrease was due to a halt in the exports as a result of the Government’s ban on cement exports issued in the second quarter of 2008, coupled with a slowdown in local demand.

The earnings per share (EPS) stood at SAR 4.18 for January to September 2008, down from SAR 5 a year ago.

The company reported a 19.8% year-on-year decline in the operating profit to SAR332m in the first nine months of 2008.

In the third quarter of 2008, EPC’s net profit dropped to SAR63m from SAR134m in the corresponding period a year ago.