Saudi Cement Co net profit down to US$92m 1H08

Saudi Cement Co net profit down to US$92m 1H08
Published: 22 August 2008

Saudi cement producer, Saudi Cement Company (SCC), registered a 3.8 per cent YoY decline in net profit to SAR344.9m (US$92m) in the first half of 2008.
 
The company attributed the lower bottom line figure to a decline in exports income during the period and higher prices of raw materials.
 
The earnings per share (EPS) dropped to SAR3.38 (US$0.9) from SAR3.51 (US$0.94).
 
SCC’s operating profit stood at SAR332.6m (US$88.7m) for the six months ended June 30, 2008, down 4.6 per cent YoY.
 
In the second quarter of 2008, the company booked a net proft of SAR171.6m (US$45.8m), a decrease from SAR189.5m (US$50.5m) a year ago.