Saudi Cement net profit rises on improved efficiency

Saudi Cement Company said net profit in the first quarter of 2013 rose 4.5 per cent YoY, attributed to an increase in output thanks to improved operating efficiency.

Net profit for the three months ending 31 March 2013 reached SAR340.3m (US$90.6m), compared to SAR325.6m posted in the same period of last year.

The increase was also a 22.5 per cent rise on the SR277.7m recorded in the previous quarter, the company said in a filing to the Saudi bourse. The QoQ advance was attributed to increased local cement sales, it added in the statement.