Yanbu Cement cashes in on KSA construction boom
- Saudi Arabia: Wednesday, January 23 - 2013 at 17:23
The Saudi Stock Exchange's lead index Tasi continued to quarrel woth the 7,000 resistance level Wednesday. The gauge slipped in volatile trading 0.13%, closing at 6,998.34 points. Yanbu Cement climbed 0.90% to reach SR84.75. Earlier in the day, the Jeddah-based producer of building materials said it generated in 2012 a net profit of SR720m, an increase of 36.13%. The company said the increase in profits was the result of an increase in sales and the start of a new production line. Yanbu Cement shares gained 31% in the last 12 months. According to Citigroup, construction projects planned and underway in KSA stood end of 2012 at $790bn, up 19% year-on-year.
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