Saudi Yamama Cement 4Q net rises 70 per cent

Saudi Yamama Cement 4Q net rises 70 per cent
Published: 11 January 2010

Saudi Yamama Cement Company, the country’s third largest cement producer, posted a 70 per cent increase in fourth quarter profit from last year.

Yamama Cement made SR145 million ($38.6 million) in the three months ending December 31, compared to SR85.1 million in the same period last year, the firm said in a statement posted on the bourse website on Sunday.

’The reason behind the increase in net profit for the fourth quarter compared to the same period last year is due to the increased sales in order to meet growing local demand,’ the firm said.

Total net profit for 2009 declined by 8 per cent to SR620 million compared to the year before as a result of the export ban, which resulted in a cement surplus and decline in prices, the firm said in the statement