Yanbu Cement Company said net profits for the third quarter were up by 33 per cent against the same period last year.
Post-tax income will be SAR125m (US$33m), up from SAR94m the previous year, on the back of a 29.8% rise in gross profits, which reached SAR135m, up from SAR104m. This is, however, a 16.6% fall in net profit against the second quarter of 2011.
“The reason of decrease in net profit for the third quarter compared to the second quarter for the same year due to decline in sales through the Ramdan and Eid vacation, an audit financial statement will announce later,” the company has advised investors.
Net profits for the nine months of 2011 is SAR376m, up 13% against the SAR331m posted last year, a result the company puts down to “increase in sales quantity, sales increase due to increase in demand”.
Gross profit over this period is SAR404m, up 14.45% against the same period last year, with operating profit rising 14% to SAR382m compared to SAR335m.