Saudi Cement announced the preliminary 2010 results, which showed net profit of $175.8 million, compared to $155.3 million in 2009 -- an increase of 13.2 per cent year-on-year basis, according to a report by Beltone Financial.
Net profit for the fourth quarter of 2010 stood at $40.53 million, y-o-y increase of 4.5 per cent, compared to 2009’s figure of $38.79 million.
"The results have exceeded our expectations by 3.6%, on the back of increased operational efficiency and increased sales volumes in the local market, while coming in below consensus expectations by 2.4%," Beltone Financial analysts wrote.
Saudi Cement Company SCC is a Saudi Joint Stock Company established in 1955. The principal object of the Company is to produce cement, cement products and invest in cement related field, according to the company official website.