Najran Cement Company has said that its profits for the second quarter of 2013 increased by 140% year-on-year to $17.3m, while profits for the half year were up by 41% to $40.3m (SR: 151.2m).
The company said the reason for the substantial rise in year-on-year profits was due to the fact that it had to pay costs related to its flotation on Saudi Arabia s stock market, Tadawul, in the same period last year, as well as higher raw materials costs.
Meanwhile, competitor Tabuk Cement announced that its year-on-year quarterly profit dropped 10% to $13.6m (SR: 50.9m), while half-year profits edged up by 1% to $28.5m (SR: 107m).
The company blamed the drop in quarterly earnings on a fall in the quantity of cement sold, while the slight improvement in half-year numbers was due to a closer monitoring of its costs.
