Saudi Cement Q3 profit down 9.2 per cent

Saudi Cement Q3 profit down 9.2 per cent
Published: 27 October 2008

Saudi Cement Company, Saudi Arabia’s largest cement producer, said third-quarter profit fell 9.2 per cent to miss analysts’ forecasts, due to a decline in export revenues and increase in production costs.

Saudi Cement made a net profit of SAR144.7m in the three months to September 30 against SAR159.4m in the year-earlier period, it said in a statement on the Saudi bourse website.

Nine month profit fell to SAR489.6m compared to SAR517.9m in the same period of last year.

Analysts’ forecasts for Saudi Cement’s third quarter earnings ranged between SAR165m and SAR168m according to a Reuters survey last month.