Saudi Cement beat analyst expectations with an 8 percent fall in fourth-quarter profit, which the company blamed on lower sales and rising raw material costs.
The company made a net profit of SR256 million ($68.3 million) in the three months to Dec. 31, down from SR278 million in the year-earlier period, according to a statement to Saudi Arabia's bourse.
Saudi Cement 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.
Analysts polled by Reuters on average forecast Saudi Cement would make a quarterly profit of SR242 million.
The firm's full-year net profit for 2013 was SR1.13 billion, up from SR1.10 billion in 2012. It cited improved operational efficiency as a reason for this increase.
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