Yanbu Cement, Saudi Arabia’s fourth largest cement firm by market value, posted a 1.6 per cent rise in fourth-quarter net profit on Monday.
Yanbu Cement made a net profit of SAR660m in 2007, up 29 per cent from the previous year, the company said in a statement.
Based on historic data, Yanbu Cement’s net profit in the fourth quarter of 2007 stood at SAR107.9m (US$28.8m), up from SAR106.2m a year ago.
Analysts at Global Investment House had expected quarterly net profit of SAR178.6m, according to a Reuters survey.
"The growth in profits is due to improvements in production and sales performance," the company said. It did not provide quarterly earnings. (Reporting by Souhail Karam, Editing by Ulf Laessing)