Yanbu Cement posts 4% rise in profit in 9M22

Saudi Arabia-based Yanbu Cement Cohas announced net profit after zakat and tax of SAR156.24m (US$41.6m) in the opening nine months of 2022, up 4.38 per cent on the SAR149.69m seen in the same period a year earlier. Revenue over the same timeframe slipped 0.13 per cent YoY from SAR742.87m to SAR741.9m.

In the third quarter of 2022, revenue advanced by 26.14 per cent YoY from SAR207.78m to SAR262.1m. Compared to the 2Q22, revenue was up 10.05 per cent. Net profit after zakat and tax came in at SAR69.27m in the 3Q22, up 90.3 per cent on the same period a year earlier. According to the company, this is being attributed to a decline in the cost of goods sold, an increase in the average selling price, and an uptick in export revenues. Compared to the 2Q22, net profit improved by 44.19 per cent from SAR48.04m