RIYADH, 16 April 2006 — Saudi Cement, Saudi Arabia’s third largest cement firm, yesterday posted a first quarter net profit of SR152.6 million ($40.7 million), up 27.5 percent from the same period in 2005. Net profit in the first quarter last year reached SR119.7 million, it said in a statement on the bourse’s website. It provided no further details. Its shares ended yesterday morning trade down 3.2 percent at SR113.5, or 23.9 times 2005 earnings.
Southern Cement Net Profit Up 1.3%
RIYADH, 16 April 2006 — Saudi Arabia’s largest listed cement firm, Southern Cement, posted yesterday a first quarter net profit of SR155 million ($41.3 million), up 1.3 percent from a year ago. Shareholders’ equity rose 15 percent to SR2.02 billion, the company said in a statement on the bourse website. It gave no further details. Other listed Saudi cement firms showed growths of between 27.5 and 66 percent in first quarter earnings.
ARAMEX Acquires Irish Freight Firm
DUBAI, 16 April 2006 — Middle Eastern logistics firm ARAMEX International said yesterday it agreed to acquire Dublin-based Twoway-Vanguard, but did not say how much it was going to pay for the Irish freight services firm. ARAMEX, owned by Dubai-listed Arab International Logistics, said the acquisition would increase its revenue to about $350 million 2006. The company reported 2005 revenues of 459 million dirhams ($125 million). Twoway-Vanguard has 15 offices across the United Kingdom, Ireland and the Netherlands and employs over 350 people. Its 2005 revenues topped $85 million, ARAMEX said in a statement on the Dubai bourse Web site.
