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Arabian Cement reports 8.6% drop in Q2 profit  Join our daily free Newsletter

MENAFN - 21/07/2009

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(MENAFN) A statement issued by Arabian Cement Co said that the Saudi company reported an 8.6 percent drop in the second quarter net profit, along with other Saudi cement firms, due to a year-long export ban, Reuters reported.

Arabian Cement made a net profit of 22.03 million the quarter ended June 30, compared to 24.11 million a year ago.

The company blamed the 8.6 percent drop in profits on the rise in operational costs and the funding for establishing new units, as well as losses in affiliated firms in the previous six months, the statement said.

Arabian Cement reported a decline of 11.7 percent in operational profits, or 23.34 million for the quarter.

It is worth noting that a trend of declining profits has hit the Saudi cement companies in the quarter, ranging from 2.3 percent by Saudi Cement Co to 45 percent drop by Tabuk Cement.

 






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