Oct 09 2011 |
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Saudi Yamama Cement 3Q Net Pft +6% At SAR149M On Higher Sales
Sunday, Oct 09, 2011
DUBAI (Zawya Dow Jones)-- Yamama Saudi Cement Co. said Sunday its third-quarter net profit rose 6% to 149 million Saudi riyals ($40 million) from SAR140 million in the same period a year ago on the back of higher sales.
Net profit for the first nine months of 2011 rose 10% to SAR549 million compared with SAR497 million for the same period last year, the company said in a statement posted on the Saudi Tadawul website.
However, net profit was down 32% compared to the SAR220 million it made in the previous quarter, the cement producer said in the statement, attributing the decline to lower sales volumes during the Ramadan and Eid periods.
Riyadh-based NCB Capital said Yamama 's third-quarter earnings were slightly above its estimate of SAR146 million.
Yamama 's shares were last trading down 0.8% at SAR61 in a slightly positive overall market.
Cement companies in Saudi Arabia are seen benefiting after the kingdom announced a massive infrastructure building spend until 2013. In addition, a partial lifting in 2009 of a year-long ban on cement exports after a domestic market glut brought down prices, now allow them to export part of their surplus production provided they meet domestic demand and maintain a portion of production as inventory.
-By Brinda Darasha, Dow Jones Newswires; +9714 446-1688; Brinda.Darasha@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
09-10-11 1118GMT
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