Yanbu Cement 2Q profit drops 25 per cent

Yanbu Cement 2Q profit drops 25 per cent
Published: 12 July 2010

Saudi’s Yanbu Cement Co posted a 25 per cent drop in second-quarter net profit as sales fell amid increased competition and a ban on exports, the firm said on Sunday.

Yanbu Cement made a net profit of SAR113m in (US$30.13m) the three months ending June 30, compared with SAR151m in the same period a year earlier.

"The reason for the drop is the decline in the amount and value of sales due to the strong competition and the ban on exports," the firm said in the bourse statement.