Saudi Qassim Cement net profit up to US$83.2m

Saudi Qassim Cement net profit up to US$83.2m
Published: 05 August 2008

Saudi cement producer Qassim Cement Co (QCC) saw its net profit go up 31 per cent YoY to SAR312.2m (US$83.2m) in the first half of 2008, it was reported on August 4.
 
The increase was mainly due to a strong growth in sales to SAR475m (US$126.6m) from SAR353.6m (US$94.3m), helped by a rise in cement prices. In the first half of 2008, the average cement price per tonne stood at SAR263 (US$70.13), up from SAR232 ($61.86) a year earlier.
 
Earnings per share (EPS) rose to SAR6.94 ($0.84) from SAR5.29 ($0.74).
 
In the second quarter of 2008, the company’s net profit reached SAR152m (US$40.5m), up from SAR148m ($39.5m) a year ago.