SOCCO Announces Its Interim Financial Results

17/04/2013 14:36 AST

SOUTHERN PROVINCE CEMENT COMPANY - SOCCO ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED 31/3/2013 (THREE MONTHS)

1. The net profit for the first quarter reached SR 268,749,417 compared to SR 284,329,530 for the same quarter of previous year, a decrease of 5.48%, against SR 253,759,092 for the fourth quarter of 2012, an increase of 5.91%.

2. The gross profit during the first quarter was SR 283,222,820 compared to SR 300,739,378 for the corresponding quarter last year, a decrease of 5.82%.

3. The operating profit during the first quarter was SR 272,682,259 compared to SR 288,075,672 for the corresponding quarter last year, a decrease of 5.34%.

4. The earnings per share (EPS) for the three months amounted to SR 1.92 against SR 2.03 for the corresponding period of the previous year.

5. The reason behind the decline in net profit compared to the same period of the previous year was due to the decrease of the cement sales price as per the decree of the Ministry of Commerce and Industry to SR 240/ ton instead of SR 260/ ton for the bagged cement, and SR 250/ ton for the bulk cement effective 21/3/2012, and also to the rise in the sales cost due to the sales rise after operating the second line in Tahama plant starting 1/3/2012.

6. The reason behind the rise of this quarter compared to the previous quarter is due to the rise in the quantities of the sales

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