Yamama Cement profits up 17%on Oct 8, 2012
Saudi Arabian cement manufacturer Yamama Cement anounced a 17% increase in net profit for the nine months to September 30 of $171.7m (SR: 644m), compared with $146.4m (SR: 549m) last year.
The company said that it had increased net profits for the three months since June 30 by 5% on the previous year to $41.9m (2011: $39.7m).
Third quarter profits were 25% lower than the second quarter, though, which it blamed on the quieter trading period during the month of Ramadan and the Eid-al-Fitr period.
It said the growth experienced for the whole of the nine month period was due to the higher third-quarter profit and the "increase in sold quantities" due to higher domestic demand.
Earnings per share fell to $0.85 per share (SR: 3.18), compared with $1.08 (SR: 4.06) last year, although this was due to the company's decision to increase its share capital by 50% in June by offering one new share for every two shares currently held.
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