Saudi Cement beats estimates despite 6.2% Q2 net profit drop

Byrebecca3360

Updated Tue, 15 Jul 2014 15:47:09 GMT

Saudi Cement, the kingdom’s largest listed cement producer by market value, beat analyst expectations despite posting a 6.2 per cent decline in second-quarter net profit on Monday as falling local demand impacted on sales revenue.

The firm made a net profit of SAR288 million ($76.8 million) in the three months to June 30, compared with SAR307 million in the corresponding period of 2013, according to a bourse filing.

Six analysts polled by Reuters had forecast, on average, a net profit of SAR272.7 million for the quarter.