Yamama Cement and Eastern Province Cement Company have announced their first quarter earnings for 2016 with mixed results.
Yamama, the larger of the two, saw its profits fall by 14 per cent YoY in 1Q2016, to US$40m. Yamama put this down to rising fuel prices, overuse of fixed assets, a rise in general and administrative expenses and investment losses.
Eastern Province Cement Company reported that its 1Q2016 profits were up 3.5 per cent YoY. It attributes this growth down to a turnaround in performance at one of its sister companies.
Meanwhile, Saudi Cement Company has unveiled a new corporate identity. The company says that the new look reflects the firm’s image as a leader in the cement industry, both locally and internationally.