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Sat 18 Apr 2009 07:30 PM

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Saudi Cement Q1 profit down 12% on export ban

Gulf Kingdom's second-largest cement exporter makes $40.5m till Mar 31.

Saudi Cement Q1 profit down 12% on export ban

Saudi Cement Co, the country's second-largest cement producer, said on Saturday its first-quarter profit fell 12.3 percent after a government ban on exports.

Saudi Cement made 152 million riyals ($40.5m) in the three months to March 31 down from 173.3 million riyals a year earlier, it said in a statement posted on the bourse's website.

"The decline ... is due to the ban on exports of cement and its derivatives," the firm said.

Saudi Arabia introduced the ban on cement exports in June to ease supply bottlenecks amid soaring demand across the region.

Like other cement firms, Saudi Cement posted an increase in first-quarter earnings compared to the fourth-quarter of 2008. (Reuters)

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