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Saudi Cement’s gross profit records 10.3 percent fall in Q3

16 Oct 2015

(MENAFN) As analyst had already forecasted, Saudi Cement registered a 10.3 percent decline in third-the July-September gross, based on recent reports.

The net profit for the three months to Sept was USD55.5 million for country’s biggest cement firm by market value, a fall from last year’s USD61.8 million.

The kingdom’s deterioration is mainly driven by a decrease in sales, let alone that many analysts got it right with a prediction of USD55.7 million quarterly profit.

Moreover, the country has imposed a ban in 2008 on cement exports to alleviate supply shortages amid a surge in demand both locally and from neighboring nations.

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