Saudi Cement Co 4Q net profit up 8.91%

Saudi Cement Co has posted a 8.91 per cent rise in fourth-quarter net profit to SAR269m (US$71.7m) from SAR247m and 16 per cent QoQ from SAR232m. The YoY rise in fourth-quarter net earnings was attributed to higher sales due to improved local demand.

The cement producer reported SAR1075m net profit for the fiscal year 2014, a decline by four per cent from SAR1124m a year earlier. The company ascribed the lower cement sales to lower local demand and an increase in selling and distribution expenses.