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Arabian Cement Co. gains on rising quarter-on-quarter profit
- Saudi Arabia: Wednesday, October 17 - 2012 at 17:40
The Tadawul All-Share Index advanced 0.92% to reach 6,811.19 points Wednesday. Sabic recaptured the level at SR90 (up 1.41%). Arabian Cement Co. advanced one percent to hit SR49.70. Earlier in the day, the firm said the net profit during the third quarter reached SR87m compared to SR104.9m for the same quarter of previous year which showing a decrease of 17%, against posted SR71.9m for the previous quarter which showing an increase of 21%. Commenting on the result, Arabian Cement said "The reason for decline of net profit by SR18 million for the current quarter compared to the same quarter of previous year is due to the increase of loss in Qatrana Cement in Jordan form SR12.9m in previous year to SR26.9m for current year in addition to decrease in volume of sales by SR4.00m during month of Ramadan & Eid holidays, and the reason for the increase of net profit for the current quarter compared by the previous quarter is due to impairment of Qatrana Cement assets & property by SR86.8m in previous quarter, besides, there is a decline in the current quarter sales by SR70m during the month of Ramadan."
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Gérard Al-Fil, Financial JournalistWednesday, October 17 - 2012 at 17:40 UAE local time (GMT+4)
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