2012-02-08 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: The Saudi Stock Exchange advanced 0.80% to reach a 22-month high at 6,797.09, as bellwether Sabic added 0.52% to close at SR95.75. Shares of Saudi Cement Company added 0.30%. The stock has gained 72% in the twelve months. Eariler in the day, Saudi Cement announced it net profit for 2011 hit SR831.2m, an increase of %26 over 2010. The firm commented: "The main reasons for the increase in profit in comparison with previous year are increased production efficiency from relying on new production lines that have achieved more stable operating efficiency and an increase in local demand." According to Ventures Middle East, the construction industry in Saudi Arabia is expected to spend up to $420b over the next three years.  

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