Complex Made Simple

Southern Province Cement Company bucks Saudi market retreat

The Tadawul All-Share Index fell 0.60% Sunday to close at 6,662.96 points as bellwether share Sabic dived 1.73% to hit a 16-month low at SR85.25. Shares of Southern Province Cement Company add 1.73% to reach SR102.75. Earlier in the day, Southern Province Cement said that the net profit for the second quarter reached SR262m compared to SR239m for the same quarter of previous year, representing an increase of 9.62%, against a net profit of SR284m for the first quarter of 2012, representing a decrease of 7.75%. Commenting on the performance, the firm said "The reason behind the rise in net profit for the second quarter and for the six months was due to operating the second production line in Tahama plant, and to the increase in the demand for the cement in the local markets. As for the decrease of the profits of the second quarter compared to the first quarter, it was because of decreasing the sales price according to the decree of the ministry of commerce and industry."