Two Saudi Arabian cement producers profit fell in the fourth quarter of 2008 on lower sales volumes following a government decision to ban exports, according to reports from Reuters.
As per report, Yamama Cement Company saw net income in the fourth quarter dropped 33% to SAR 85.1m from SAR 126.9m in the corresponding period last year.
Yamama said in a statement that the reason for the decline is on lower sales volumes due to the decision to ban cement export as well as the periodic maintenance of some main production lines.
Earlier, Tabuk Cement also said net profit in the fourth quarter had fallen more than 68% on lower sales and rising costs as a ban on exports kicked in. In a regulatory filing, Tabuk said net income in the fourth quarter was SAR 14.5 million compared with SAR 45.7m in the same period in 2007. It added that the decline was down to renovation work at its Amrat plant which led to a fall in production and rise in costs.