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Saudi cement makers post solid income growth
- Saudi Arabia: Wednesday, January 09 - 2013 at 03:32
Saudi cement producers Yamama and Yanbu have reported solid profit growth, though Yamama's profits slipped somewhat in 2012's final quarter, Saudi Gazette has reported. Yanbu Cement posted a net profit of SR720m ($192m) for 2012, up by 36.1% on the 2011 figure, thanks to improved sales and the opening of a fifth production line part way through the year. Yamamah Cement said its full-year net profits climbed 11% to $218m, despite the 9% year-on-year decline in fourth quarter profits to $46.4m. The company blamed the lower sale prices achieved during the fourth quarter before the decline was reached.
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