Saudi Cement’s Q2 profit down on export ban

Saudi Cement’s Q2 profit down on export ban
Published: 16 July 2008

Saudi Cement Co , Saudi Arabia’s largest cement maker by market value, said second-quarter earnings fell 9.4 per cent on a government ban of exports and a rise in costs.

Saudi Cement made a net profit of SAR171.6m (US$45.8m) in the three months to June 30, down from SAR189.5min the year-earlier period, it said in a statement on the Saudi bourse website.

 “The decline in the company’s profit ... is due to a decline in revenues from export sales accompanied by a rise in input costs,” it said.