Saudi Cement Company recorded a slight increase in net profit for the quarter ended 30 September 2014.
Despite a drop in quarterly cement sales due to declining local demand, the manufacturer beat analysts’ expectations, who predicted a decline in the company’s profits, posting a net profit of SR232 million (US$61.8 million), an increase from SR229 million recorded in the corresponding quarter in 2013. The rise was attributed to improved production efficiency.
Saudi Cement Company will remove kilns 1, 2 and 3 from its Holuf plant. After initially restarting the kilns in late 2012 to meet demand levels, these older kilns are no longer needed.
Saudi Cement Company said net profits for the third quarter rose by more than a third against the same period last year, though results were down against the second quarter.