Najran Cement, one of the newest cement companies quoted on Saudi Arabia s stock exchange, recorded a 14% decline in profit for 2012 of $53.9m (2011: $62.6m), according to newly-filed figures.
The company blamed the drop on a number of factors, including the costs incurred as a result of the initial public offering of its shares on the market in April last year.
It also said that sales were lower as a result of lower clinker revenues - despite the overall rise in demand in the marketplace.
Profits were also impacted due to the higher cost of raw materials bought in 2011 but paid for during 2012.
Meanwhile, Eastern Province Cement Company has declared an 8% increase in net profits for 2012 to $104.8m (SR: 393m).
Source:
http://www.uaecement.com/newsDetail.aspx?id=807
