BEIRUT (Zawya Dow Jones)--Saudi Arabia's Qassim Cement Co., or QCC, Monday said its third-quarter consolidated net profit fell 17% to nearly 107.1 million Saudi riyals ($28.56 million) from about SAR128.8 million in the year earlier period.
The decline in profit was the result of a drop in selling prices and in sales volume due to an increased supply of cement on the local market because of the continued cement export ban, the cement producer said in a statement posted on the Saudi bourse website, adding that a higher electricity tariff also contributed to the profit decline.
QCC's consolidated net profit for the first nine months decreased 9.4% to SAR388.1 million from SAR428.5 million a year earlier, according to the statement.
Nine-month earnings per share fell to SAR4.31 compared with SAR4.76 in the corresponding period of 2009, QCC said in the statement, adding that it had doubled its capital to SAR900 million in November of that year.
QCC is 48.4% owned by Saudi public sector entities, the remaining 51.6% is held by the general public, according to Zawya.com data.
Qassim Cement shares are trading Monday up 0.4% at SAR60 in a broadly flat market.
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