Profits of listed cement firms dropped by 4 percent to SR1.07 billion in the third quarter of the current year compared to SR 1.12 billion in the same period last year, according to a financial report.

Cement sales in Q3, however, registered a growth of 4 percent to reach 10.3 million tons compared to 10 million tons in the same period last year, said the report filed by Al-Eqtisadyah daily.

It said profits of the cement sector grew by 9 percent in the first nine months of 2013 to hit SR 4.7 billion compared to SR4.3 billion during the same period last year.

The sector’s profits in Q3-13 contracted by 41 percent against its profits in Q2-13 which stood at SR 1.82 billion, the highest ever registered in the history of the sector, the report said.

In general, profits of eight firms, out of 13 listed companies, dropped while profits of the remaining five companies increased in Q3-13 compared to figures of Q3-12.

The majority of cement companies attributed profits fall to dwindling of sales during Ramadan and Eid recess, the report said.

The fall of profits in the cement sector was primarily blamed for profits fall experienced by the Arabian Cement Co. (ACC) to reach SR 17m in Q3-13 compared to SR87 million in Q3-12, or a shortfall of SR70 million, the report said.

Similarly, profits of Yanbu Cement Co. (YCC) dropped by 10.8 percent to SR 140 million in Q3-13 compared to SR157 million in the same period last year, the report said.

The Eastern Province Cement Company (EPCC) has its profits shrink by 19.04 percent to SR 68 million in Q3 compared to SR 84 million in the same period last year. Likewise, profits of Jouf Cement Co. (JCC) came down to SR7 million in Q3 against SR 22 million in Q3-12, or a decrease of 68.18 percent, the report said.

Meanwhile, three companies boosted profits position of the sector in the Q3 as follows: the Northern Region Cement Co. (NRCC) realized profits of SR 50m in Q3 compared to SR 7 million in Q3-12, Hail Cement Co. (HCC) and Saudi Cement Co. (SCC) separately realized profits of SR17 million and SR229 in Q3 compared to SR3 million and SR 209 million in Q3-12 respectively, the report said.

Regarding the share of cement firms to the profits of the sector, SCC topped the list of contributors by 21 percent, followed by the Southern Province Cement Co. (SPCC) at 17 percent, Yamamah Cement Co. (YCC) by 14 percent, YCC at 13 percent, and, fifthly, Qasim Cement Co. (QCC) at 11 percent, whereas the 10 percent of profits were contributed by the remaining cement firms, the report said.