September 08, 2008

Saudi Cement net profit in Q1 2008 up by 2.5% YoY

Saudi Cement Company’s first quarter income rose by 2.7% YoY on higher sales, though the growth in profit is one of the industry's lowest. It made a net profit of SAR 173.3 million in January to March 2008 quarter up by 2.5% YoY as against SAR 169 million in January to March 2007 quarter.

Saudi Cement’s production stood at 5.3 million tonnes in 2007 and about 22% of the production was exported in 2007. In contrast, Yamamah Cement, the third largest cement firm by market value and second largest by production, made a first quarter net profit of SAR 197.5 million up by 14% YoY.

Demand for cement is surging in Saudi Arabia. Companies in Saudi Arabia are developing or have announced projects in oil, gas and industries worth more than USD 460 billion.