Saudi Cement Co reported a 7.3 percent increase in quarterly profits on higher domestic sales, Reuters reported.

The company said it made US$56m net profit during the third quarter, up from US$51.9m a year ago.

The company said local demand for cement and clinker grew in the July-September period. Saudi Arabia is witnessing big developments driven by the government's strategy diversify its economy away from oil.

Saudi Cement also said that is operational profit for the period increased by 6.8 per cent to US$58.32m.