Saudi Yanbu Cement net profit down to US$84.8m 1H08

Saudi Yanbu Cement net profit down to US$84.8m 1H08
Published: 18 September 2008

Saudi cement producer Yanbu Cement Co (YCC) said its net profit declined to SAR318m (US$84.8 m) in the first half of 2008, down 14.5 per cent YoY.

The earnings per share (EPS) decreased to 3.54 riyals ($0.94/0.67 euro) for January to June 2008.

The company booked an operating profit of SAR320m in the first six months of 2008, a decrease of 13.04 per cent YoY. The lower operating profit was attributed to a decline in sales volumes due maintenance of some of the company’s facilities.

In the second quarter of 2008, YCC’s net profit dropped to SAR149m (US$39.7m) from SAR219 m (US$58.4m) a year ago.