Saudi Cement saw an 8% fall in profit y/y in 4Q13 compared to 4Q12. Net profit for the cement manufacturer stood at SR256 million (US$68.3 million) during the quarter ending 31 December 2013, a fall from SR278 million (US$74.1 million) in the same period in 2012.
The decline in profit was accredited to a lower sales volume during 4Q13 and rising costs of raw materials such as clinker.
Despite this, net profit for FY13 increased to SR1.13 billion (US$301.3 million) from SR1.1 billion (US$293.3 million) in FY12 due to better operational efficiency.
A rise in construction and infrastructure projects in Qatar in 2013 has boosted economic growth in the country by 6.2%, according to the latest report released by the Ministry of Development Planning and Statistics.
Saudi cement demand took a hit in 2013 due to a government crackdown on visas and the departure of hundreds of thousands of expatriate workers from the country.