Saudi Southern Province Cement Posts US$40.9m Net Profit Q1 2005

Saudi cement producer Southern Province Cement (SPC) posted a net profit of 153.5m Saudi riyals ($40.9 mln/31.8 mln euro) for the first quarter of 2005, up from 123.8m riyals (US$33 m/25.6m euro) in the corresponding period of 2004, it was reported on April 18, 2005.

The result for the first quarter of 2005 is a record-high figure since the company’s establishment in 1978. SPC’s sales increased 20 pct YoY for January to March 2005. Shareholders’ equity rose to 1.75bn riyals (US$467m/362m euro) at the end of March 2005 from 1.7 bln riyals (US$453m/352meuro) at end-March 2004.