Saudi Arabia: City Cement’s net profit after Zakat and tax grew by 19% year-on-year to US$29.6m in 2018 from US$24.9m in 2017. It attributed the result to operational efficiency and a settlement it reached in late 2018 with China’s Sinoma International about the construction of a second production line. The cement producer’s sales fell by 36% to US$92m from US$143m due to low demand for cement and local competition.
