Yanbu Cement 2008 net profit down

Yanbu Cement 2008 net profit down
Published: 06 February 2009

The net profit of Saudi cement producer Yanbu Cement Co (YCC) dropped to SAR559.7m (US$149.2m) in 2008 from SAR660.9m in 2007, equal to a decrease of 20%, YCC said in a filing to the Saudi Stock Exchange.

YCC attributed the decrease to lower sales due to planned extensive maintenance activities of the clinker kilns at the company’s old plant.

The earnings per share (EPS) stood at SAR 5.33, down from SAR 6.29.

The company reported a 14.5% year-on-year decline in the operating profit to SAR 560.8m in 2008.