Saudi Cement Posts Near-Flat Q3 Profit, Beats Forecasts
The company made a net profit of SAR232 million ($61.8 million) in the third quarter, up from SAR229 million in the corresponding period of 2013, according to a bourse filing.
Saudi Cement reported a slight increase in third-quarter net profit on Tuesday, beating analysts’ forecasts who had expected the company’s profit to decline.
The Kingdom’s largest cement producer by market value made a net profit of SAR232 million ($61.8 million) in the three months to Sept. 30, up from SAR229 million in the corresponding period of 2013, according to a bourse filing.
Seven analysts polled by Reuters on average forecast Saudi Cement would make a quarterly profit of SAR215.9 million.
The firm attributed the profit rise to improved efficiencies, although quarterly cement sales dropped due to declining local demand.