Saudi Arabia: Yamama Cement profits rises 10 per cent

Saudi Arabia: Yamama Cement profits rises 10 per cent
Published: 10 January 2011

Yamama Cement posted a 10 per cent increase in its fourth quarter net profits, the company said in a bourse statement on Saturday. Yamama made SAR160m (US$42.7m) in the three months ending December, compared to SAR145m in the same period a year earlier, the statement said. Operating profit for the fourth quarter increased by 11 per cent to SAR166m.

Saudi Cement companies are still faced with an export ban imposed in 2008 after cement prices skyrocketed as firms were seeking more lucrative offers abroad, leading to a shortage of cement in the local market. Saudi Arabia’s annualised inflation fell to 5.4 per cent in December from 5.8 per cent in November, data from the Central Department of Statistics and Information (CDSI) showed.

The cost of living index in the kingdom, the Arab world’s largest economy, stood at 132 points last month, up from 131.9 in November, the CDSI said.

In the month, consumer prices came in at 0.1 per cent higher for December, the CDSI said.

The index for rent, fuel and housing-related services rose 8.5 per cent on the year in December, while the food and beverages index was up 7.6 per cent on the year.