Southern Cement’s higher market share lifts Q1 2019 profit

Southern Province Cement Co.’s Q1 2019 net profit was bolstered by higher market share despite a decline in average selling prices when compared to Q1 2018, its CEO Safar Dhufayer told Argaam on Sunday.

“Most sales are still allocated for the southern region, with some directed to the western region, especially Makkah and Jeddah,” Dhufayer said.

“Shipping costs could weigh further on selling prices if the company targets markets located away from its plants,” he continued.

Demand for cement fell 10 percent year-on-year in Q1 2019, Dhufayer added.

The cement producer reported a net profit after zakat and tax of SAR 120 million for Q1 2019.