Tabuk Cement net profit down to US$37.8m Jan-Sep 2008

Tabuk Cement net profit down to US$37.8m Jan-Sep 2008
Published: 15 October 2008

The net profit of Saudi cement producer Tabuk Cement Company (TCC) fell to SAR 142.3m (US$ 37.8m) in the first nine months of 2008 from SAR174.4m in the same period last year, the company said in a filing to the Saudi stock exchange on October 11.

TCC attributed the decrease to lower sales but did not give exact figures.

The earnings per share (EPS) stood at SAR1.58 for January to September 2008, down from SAR1.94 a year ago.

The company reported a 21.2% year-on-year decline in the operating profit to SAR 128.4m in the first nine months of 2008.

In the third quarter of 2008, TCC’s net profit dropped to SAR 22.9 million from SAR 54.6m in the corresponding period a year ago.