Yamama Saudi Cement 2Q Profit Up 15% To SAR220 Million

Wednesday, Jul 13, 2011

(This story was originally published Tuesday.)

RIYADH (Zawya Dow Jones)--Yamama Saudi Cement Co. (3020.SA) said Tuesday its second-quarter profit rose 15% year on year to 220 million riyals ($58.7 million) due to higher sales and demand.

Riyadh-based NCB Capital had expected the firm to post a second quarter net profit of SAR226 million, while analysts at Cairo-based Beltone Financial had penciled in SAR155 million.

Yamama previously said it expected its second-quarter net profit to rise 17% to SAR224 million.

First-half earnings per share came in at SAR2.96 versus SAR2.65 a year ago, the company said in a statement posted on the Saudi bourse website. Operating profit for the three-month period rose to SAR218 million, compared with SAR188 million in the year-earlier period, it said.

Shares in the company closed down 0.41% at SAR61.00 on the Riyadh bourse Tuesday.

-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com

(END) Dow Jones Newswires

13-07-11 0357GMT