Saudi Southern Cement Q1 profit surges on new plant

Saudi Southern Cement Q1 profit surges on new plant
Published: 14 April 2008

Southern Province Cement Co posted a 47.8 per cent rise in first-quarter net profit after the launch of a new unit amid strong demand.
 
Southern Cement made a net profit of SAR235m, or 1.68 riyals per share, in the three months to March 31, 2008 against SR159m, or 1.16 riyals per share, in the year-earlier period, it said in a statement posted on the bourse’s Web site.
 
"The rise in net profit stemmed from increase in sales and production," it said, adding that it started operating a third plant at the beginning of February.
 
Before Southern Cement, three of Saudi Arabia’s five biggest cement producers by market value, including Yamamah Cement, posted first-quarter profit growth of at least 11 per cent on a jump in domestic demand.