By Mohammed Abu Meleeh

Riyadh-Mubasher: Eastern Province Cement forecasts an improvement in FY15 profitability on operation of the new mill and potential increase in the production and sales of oil-well cement.

The cement producer said in the board’s report for 2014 that it will continue to build a new production line with a daily production capacity of 10.000 tons of clinker, to meet the growing needs of customers.

Eastern Cement said the new mill will help the company increase the milling capacity and make best use of the clinker production capacity, which will reflect positively on sales.

The new mill is likely to come on stream during the second quarter of 2015.

Eastern Cement posted SAR 79 million net earnings for the fourth quarter of 2014, leaping 43.64% year-on-year from SAR 55 million and 41% quarter-on-quarter from SAR 56 million.

The full-year net profit also rose 20.71% to SAR 373 million, compared with SAR 309 million a year earlier.

Translated by Abdul Maguid Aboshahla