Saudi Cement records $68.3m net profit for 2013 Q4
Company says 8% profit dip due to lower sales and rising costs
Saudi Cement has posted a $68.3m (SAR 256m) net profit for the fourth quarter of 2013 – an 8% fall from the $74.1m (SAR 278m) figure it recorded in the same period the previous year.
The company attributed the profit drop to a decrease in sales during the quarter and the high cost of imported clinker, a raw material from which cement is produced.
However, the figure beat the expectations of analysts from Reuters who, on average, forecast that Saudi Cement would make a quarterly profit of $64.5m (SAR 242m).
The firm's full-year net profit for 2013 was $301.3m (SAR 1.13bn), up from $293.3m (SAR 1.1bn) in 2012, which the company attributed to improved operational efficiency.