Cement firms take tidy profit

The regional construction boom has helped local cement producers to record a bumper set of third quarter earnings this year.

The regional construction boom has helped local cement producers to record a bumper set of third quarter earnings this year.

Leading the pack is Saudi Cement, the country’s third- largest cement producer, with third quarter net profits rising by 28% to US $41.5 million (SR155 million).

Profits for the first nine months of the year rose by 30% to $128.8 million.

Meanwhile, Saudi Arabia’s largest cement maker, Yamamah Cement, posted a slower-than-anticipated 8% rise in third quarter profits to $38.9 million.

Saudi Qassim Cement posted net profits of $22.9 million, up 11.3% on a year ago.

The only Saudi producer to record a dip in profits was Saudi Arab Cement, which posted a net profit of 21.9 million for the third quarter – down 4.5% from a year ago.

Qatar National Cement also registered a 5.4% rise in profits to $39.3 million for the first nine months of the year.

In the UAE, RAK Cement posted a rise of 16.5% in third quarter profits, to $9.3 million.

Nine-month net profits were up 23.3% on the same period last year.

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