Qassim Cement second quarter net rises YoY, Saudi Arabia

Qassim Cement Company posted a three per cent YoY rise in consolidated net profit of SAR149m (US$40m) for the second quarter of 2012, thanks to increased sales. However, on a QoQ basis, net profit was down 5.97 per cent which the company attributed to increased costs due to the purchase of clinker from the local market.

Operating profit during the second quarter was SAR153m compared to SAR145m for the corresponding quarter last year, which represents a rise of 5.31 per cent.

Consolidated net profit for the first six months of the year advanced 5.34 per cent YoY to SAR307m compared to SAR291m in 1H11.