The net profit of Saudi cement producer Yanbu Cement Co (YCC) dropped to SAR 439m (US$117m) for the first nine months of 2008 from SAR 551 million in the same period of 2007, equal to a decrease of 20%, YCC managing director, Abdul Rouf Abu Zanada, said in a filing to the Saudi Stock Exchange.
YCC attributed the decrease to lower sales due to planned maintenance activities.
The earnings per share (EPS) stood at SAR 4.19 for January to September 2008, down from SAR 5.24 a year ago.
The company reported an 18.5% year-on-year decline in the operating profit to SAR 447m in the first nine months of 2008.
In the third quarter of 2008, YCC’s net profit dropped to SAR 122 million from SAR 179m in the corresponding period a year ago.