According to local news reports, Saudi Southern Province Cement Company recorded SR 220.3m ($58.7m) net income in the first nine months of the current year compared with SR 203.3m ($54.2m) in the corresponding period of last year, an 8.4% growth.
The Southern Province Cement Company was established in 1978 to serve the far southwestern region of the kingdom. The company is based in Abha. Government agencies own 40 per cent of the company’s equity. Southern Province Cement has raised its paid-in capital to SR1050m ($280m) through a three-for-two stock dividend.
Meanwhile, Saudi cement producer Qassim Cement Company (QCC) posted a net profit of SR191m (US$50.9m) for the first nine months of 2004, up from SR186m (US$49.6m) in the year-ago period.
QCC’s operating income rose 3.9 per cent YoY to SR183.3m (US$48.9m), while operating expenses declined 7.3 per cent to 7.2 mln riyals (US$1.9m). Total assets stood at SR1.198bn (US$319m), up 14 per cent, and shareholders’ equity increased 5.3 per cent to SR1.05bn (US$280m.
QCC posted a net profit of SR244m (US$65.1m) for 2003, up from SR233m (US$62.1m) in 2002, according to local news reports