Saudi Cement net profit up 39.7%, beats forecast
Saudi Cement Co posted a 39.7 per cent rise in its fourth-quarter net profit, beating analyst forecasts, on higher production and demand, it said in a bourse statement on Monday.
The firm posted a net profit of SR212.3m ($56.6m) in the fourth-quarter compared with 152m riyals in the same period a year earlier.
Analysts polled by Reuters had on average expected Saudi Cement to record a net profit of 202.7m riyals.
"The rise in the yearly and fourth quarter net profit compared to the same period a year earlier is due to the rise in production capabilities from new lines... in addition to local demand growth during the period," it said.
Operational profit for the fourth quarter rose by 39.5 per cent to 220m riyals compared with 157.7m riyals in the same period a year earlier, the firm said.
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