Saudi Cement’s Q4 profit up nine per cent

Saudi Cement’s Q4 profit up nine per cent
Published: 22 January 2008

Saudi Cement Co reported a nine per cent rise in fourth-quarter profit on higher productivity and sales.  
 
Saudi Cement made SAR168.5m (US$44.9m) in the three months to December 31 against SAR154.6m in the same period of 2006, the company said in a statement.  
 
"This increase in fourth-quarter profit is due to improvement of productivity ratios in both production and sales," it said.  
 
Kuwait-based Global Investment House has expected Saudi Cement to post SAR161.9m in the fourth quarter, according to a Reuters survey last month.
 
Full-year profit reached SAR686.4m in 2007, or SAR6.73/ share, versus SAR637.8m in 2006, or SAR6.25/share.  
 
Demand for cement is surging in Saudi Arabia, where the government is trying to tap a regional economic boom triggered by a near five-fold rise in oil prices since 2002.  
 
Global Investment House said in November the Saudi cement sector would benefit in the medium term due to expectations of sustained revenue growth.