Saudi Arabia: Yamama sees 41% net profit decrease

Yamama Cement Co reported a 41 per cent YoY fall in net profits to SAR56.3m (US$15m) in the 3Q16 from SAR95.53m (US$25.47m).

The decrease resulted from a higher cost of sold goods due to increases in fuel prices as well as those of fixed assets, according to a bourse filing.

The company also attributed the lower profits to lower value and volume of sales as a result of the pilgrimage season in the current quarter.

Yamama's profits retreated 30.14 per cent to SAR323m during the first nine months of 2016 from SAR462.4m in the same period of 2015.