Najran full-year net profit slips, Saudi Arabia

Saudi-based producer Najran Cement posted a slight two per cent decline in net profit for 2013 to SAR198m (US$52.8m) from SAR202m the year before.

Earnings per share stood at SAR1.17 compared with SAR1.33 in 2012.

The lower bottom line results were attributed to a rise in the cost of sales, Najran said. Operating profit for the year of SAR226m was 7.8 per cent lower than the SAR245m a year earlier.

The company has undergone extensive modernisation over the last year with construction of a new 6500tpd line and a waste heat recovery plant at its plant located in the Sultana area of Najran province. The plant has a total clinker capacity of 15,500tpd. Kiln Line 3 was launched last year and WHR project activities are progressing smoothly, with the boilers due for commissioning in a phased manner in the first half of this year.