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Wed 20 Jan 2010 11:28 AM

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Saudi Cement Co reports 10.5% rise in Q4 profit

But, the kingdom's second largest producer sees its 2009 profits decline 5.3%.

Saudi Cement Co, the country's second-largest producer, said on Wednesday its fourth-quarter profit rose by 10.5 percent due to increased sales.

Saudi Cement made a net profit of SR145.5m in the three months to December 31 compared to SR131.7m in the same period the previous year.

"The reason behind the rise in net profit for the fourth-quarter compared to the year before is due to the relative increase in sales ... which were negatively affected in the previous year," the firm said in a statement on the bourse website.

Saudi Cement's profits for 2009 declined by 5.3 percent to SR588m and its earnings per share fell to SR5.77 from SR6.09 the year earlier.

"The decline in net profits this year compared to the previous year is due to the increase in indirect, fixed production costs," the firm said. (Reuters)

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