Net profits of the Saudi Cement Company in 2002 rose by 51%, from $60.5 million in the year 2001 to $91.5 million, the Company said in a statement yesterday.
The firm, the second largest Saudi cement company with market capital of $1.5 billion, reported a 12% increase in domestic sales and a 10% rise in exports. The company exports its production to neighbouring countries, Spain, Ghana, Nigeria and Tanzania.
There are eight large cement companies in Saudi Arabia, whose total production last year reached 22 million tons. Local consumption accounted for 20 million tons.
Source: SPA
