Al Jouf Cement sees operating profits for 2010
Newly-listed manufacturer sees reversals of losses for period and year
Al Jouf Cement Company, the recently listed Saudi manufacturer, saw its operating profit for the fourth quarter and the full-year soar, reversing losses from the equivalent periods in 2009.
The cement maker posted a profit SAR 16.3 million compared to a loss of SAR 16.5 million for the fourth quarter in 2009, with the same profit for the 12 months rising to SAR 15.147 million against a previous full year loss of SAR 31 million.
The company listed on the Tadawul in October after first indicating its intention to go public in June, and after a brief offer period. The company has a market capitalisation of SAR 1.612 billion. The results are some of the strongest seen in the cement sector in Saudi Arabia, in which many firms have seen a decline in both sales values and volumes due to an increasingly saturated market.
Yesterday Qassim Cement Company reported that net profits for the fourth quarter and the year overall fall, as the company struggles in a tighter market as only one of two companies that failed to sell more last year than 2009.