Saudi Cement records $68.3m net profit for 2013 Q4

Company says 8% profit dip due to lower sales and rising costs

Saudi Cement recorded a net profit of $301.3m in 2013.
Saudi Cement recorded a net profit of $301.3m in 2013.

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.

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