The net profit of Saudi cement producer, Saudi Cement Company (SCC) dropped to SAR489.6m (US$130.6m) for the first nine months of 2008 from SAR517m in the same period of 2007, equal to a decrease of 5.5%, the company said in a filing to the Saudi Stock Exchange on Saturday.
SCC attributed the decrease to lower exports and higher prices of raw materials.
The earnings per share (EPS) stood at SAR 5.08 for January to September 2008, down from SAR 5.08 a year ago.
The company reported a 5% year-on-year decline in the operating profit to SAR 482.1 million in the first nine months of 2008.
In the third quarter of 2008, SCC’s net profit dropped to SAR 144.7m from SAR 159.4m in the corresponding period a year ago.