RIYADH: Saudi Cement reported a 10.3 percent drop in third-quarter net profit on Thursday, matching analyst forecasts.
The kingdom’s largest cement company by market value said in a bourse filing its net profit for the three months to Sept. 30 was 208 million riyals ($55.5 million), down from 232 million riyals in the corresponding period of 2014.
It attributed its net profit drop to a decrease in sales, without elaborating further.
Six analysts polled by Reuters had forecast on average that Saudi Cement would make a quarterly profit of 209.1 million riyals.
The Saudi government in June 2008 imposed a ban on cement exports to alleviate supply bottlenecks amid a surge in demand both domestically and from neighboring countries.
