Southern Province driven by higher demand, Saudi Arabia

Saudi Arabian cement producer Southern Province Cement reported a YoY rise in net profit for the the first nine months of 2012 and for the third quarter of the year thanks to an increase in demand for cement on the local market. However on a QoQ basis, third quarter profit fell due to the Ramadan and Eid Al-Fitr holidays.

Net profit for the third quarter of 2012 reached SAR200m compared to SAR180m for the same quarter of previous year, an increase of 11.11 per cent. Net profit during the nine months was SAR746m against SAR645m for the corresponding period last year, representing a rise of 15.66 per cent.

However, compared to the second quarter of 2012, third quarter sales were down 23.66 per cent.

Gross profit during the third quarter was SAR206m compared to SAR197m for the corresponding quarter last year, an increase of 4.57 per cent. The operating profit during the third quarter was SAR197m compared to SAR185m, up 6.49 per cent on the same quarter of last year.

Total profit during the nine months advanced 12.46 per cent SAR776m against SAR690m in 3Q12. Operating profit during the nine months was SAR747m against SAR654m for the corresponding period of last year, an increase of 14.22 per cent.