Saudi Arabia’s Tabuk Cement Co said on Monday its 2009 second-quarter net profit dropped 45 per cent to SAR37.8m (US$10.1m) from SAR68.8m (US$18.3m) in the same period last year.

In a statement posted on the Saudi bourse website, the company said its net profit for the first-half of the year reached SAR71.3m, down 40 per cent compared with SAR119.4m in the corresponding period in 2008.

Tabuk said the reason behind the slump in profits was mainly due to lower cement prices. Earnings per share for the first-half reached SAR0.79 compared with SAR1.33 during the same period last year.

The company said its second-quarter net profit rose 13 per cent compared with the previous quarter, when it recorded a net profit of SAR33.5m.
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