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Saudi Cement Company disappoints in first half-year

In Riyadh, the Saudi Arabian Tadawul All-Share Index closed insignificantly lower at 9,808.04 points on Monday, July 14.

SABIC, the market bellwether and petrochemical giant, dived 2.19 per cent to hit SAR115.95.

The shares of Saudi Cement Company were off 0.65 per cent to close at SAR110.85. Earlier in the day, the firm said it suffered in the first six months of 2014 a profit decline of 11.28 per cent, as net income amounted to SAR574 million ($156.53 million). A decrease in cement sales due to decline in local demand and also share of an associated company’s loss due to impairment of some of its assets triggered the profit slump, said Saudi Cement in a filing to the Tadawul bourse.

Gérard Al-Fil