Yamama Cement profits up 17%

RELATED ARTICLES: Al Jouf Cement appoints advisor for third line l New production line boosts Yanbu Cement profits l Nigerian cement firm eyes Iraq opening

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.

Story continues below

Advertisement

FEATURED COMMENT Please click here to comment on this article

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.