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FINANCIAL NEWS
Saudi Yamama Cement profits surge 31% in Q1
13 Apr 2010
(MENAFN) Yamama Cement, a Saudi-based company, announced that its net profits surged by 31 percent in the first quarter of 2010 to $44 million, up from $33.6 million a year earlier, Reuters reported.
The company said in a statement to the local bourse that the main reason for the increase in profits is the increase in sales volumes, without providing volume figures.
Saudi cement companies are still faced with an export ban imposed in 2008 after cement prices skyrocketed as firms were seeking more lucrative offers abroad, leading to a shortage of cement in the local market and a hike in prices.
Separately, Yanbu Cement reported earlier this month a 19 percent fall in first-quarter earnings, blaming a fall in prices due to stronger competition as well as lower sales.
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