Yanbu Cement 3Q profit up 16.4%, Saudi Arabia

Saudi-based Yanbu Cement net earnings grew by 16.43 per cent YoY in the third quarter of 2014 to SAR163m, but declined by 32.37 per cent compared to 2Q14.

The company said the third quarter annual increase was was due to the lower cost of sales due on the back of a boost in production and receipt of a clinker import subsidy. The company attributed the QoQ decline to lower sales due to the Ramadan and Eid al-Fitr holiday.

Earnings for the first nine months of the year declined by 7.87 per cent YoY to SAR 609m, due to lower sales volumes, according to Yanbu.