Yamama Cement Jan-Sep ’08 net profit down 13%

Yamama Cement Jan-Sep ’08 net profit down 13%
Published: 16 October 2008

The net profit of Saudi cement producer Yamama Cement Company (YCC) (SAU:3020) dropped to SAR526m (US$139.8m) in the first nine months of 2008 from SAR 604m in the same period of 2007, or a decrease of 13%, the company said in a filing to the Saudi Stock Exchange on October 15.

YCC attributed the decrease to lower sales and higher maintenance costs but did not give exact figures.

The earnings per share (EPS) stood at SAR 3.89 for January to September 2008, down from SAR 4.48 a year ago.

The company reported a 14.7% YoY decline in the operating profit to SAR 515m in the first nine months of 2008.

In the third quarter of 2008, YCC’s net profit dropped to SAR 100m from SAR 228m in the corresponding period a year ago.