Yamama profit drops 27%, Saudi Arabia

Yamama profit drops 27%, Saudi Arabia
Published: 14 July 2009

Yamama Saudi Cement Co said on Monday its 2009 second-quarter net profit dropped 27 per cent to SAR165.3m (US$44.1m) compared to SAR227.8m (US$60.55m) during the same period last year on lower sales.

First-half net profit also decreased, dropping 31 per cent to SAR291.3m, compared to SAR425.2m a year earlier, the company said in a statement posted on the Saudi bourse website.

Earnings per share for the first six months of the year reached SAR2.16, compared to SAR3.15 during the respective period last year, Yamama said.

The company cited a decrease in sales as the main reason behind the drop in its first-half net profit.

However, second-quarter net profit rose 31 per cent to SAR125.9m compared with the previous quarter, Yamama said.