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FINANCIAL NEWS
Saudi Southern Cement reports 5.3% profit drop
09 Jan 2011
(MENAFN) Saudi Southern Province Cement Co 3050.SE said that the company’s net profit hit $50.56 million in the first quarter of 2010 registering a 5.3 percent drop compared to the same period in the previous year where net profit was $35.2 million, reported Reuters.
The largest cement maker in the kingdom by market value said that the drop was a result of lower sale incentives and a prohibition of exporting cement that was imposed in 2008 but is still valid till this day. Other factors contributed to the drop like the decrease in other income and a rise in general and administrative costs.
The company added that operational profit in for the same period went down by five percent to $51.5 million.
It is worth noting that there was a ban on exporting cement outside of the Kingdiom because most firms developed a trend for looking for more revenue-generating deals outside Saudi Arabia, thus causing a shortage in cement supply within the Kingdom.
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