Saudi Cement Co. profits up 51%

RIYADH, 14 January 2003 — Net profits of the Saudi Cement Co. in 2002 rose by 51 percent to $91.5 million, from 2001’s $60.5 million, the company said in a statement yesterday. The firm, the second largest Saudi cement company with a market capitalization of $1.5 billion, reported a 12 percent increase in domestic sales and a 10 percent rise in exports. The company exports part of its production to the neighboring countries, in addition to Spain, Ghana, Nigeria and Tanzania. There are eight large cement companies in Saudi Arabia with total production last year reaching 22 million tons, while local consumption accounted for 20 million tons. (AFP)