Saudi Cement: first-quarter net profit declines

Saudi Cement Co posted a 16 per cent decline in net profit for the first three months of this year due to lower domestic demand and losses from an associate company.

The Saudi-based cement producer reported a profit of SAR286m (US$76.3m) in the three months to 31 March, down from SAR340m in the corresponding period of 2013, the company said in a bourse statement. The decline was attributed to falling local demand. Saudi Cement said it also had exposure to an associated company’s loss after the unit took an impairment of some assets. No further details were provided.