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FINANCIAL NEWS
Saudi Southern Province Cement reports USD70m profit in Q2
16 Jul 2012
(MENAFN) Southern Province Cement, the largest cement producer in Saudi Arabia by market value, posted a 9.6 percent increase in second quarter profits, Reuters reported.
The company said it made USD69.86 million net profit during the quarter, up from USD63.6 million a year earlier. Revenue rose 6.75 percent to USD71.6 million from 67 million a year earlier.
The company attributed the increase in profits to the start-up of a second production line at one of its plants and increased demand from local markets.
The company also reported 17.06 percent increase in operational income to USD69.5 million from USD63.6 million a year earlier.
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