Yamama Saudi Cement quarterly profit down 66%

Yamama Saudi Cement reported a net profit of SAR50.8m (US$13.5m) in the first quarter of 2017, translating into a YoY drop of 66 per cent due to a decline in operating profit.

Gross profit in the period was also down by 66 per cent YoY to SAR63m on the back of lower sales volumes and average realised price per tonne.

Revenue fell 41 per cent YoY to SAR220m. Cement volumes amounted to 1.24Mt in the first quarter of the year, down 25 per cent YoY but up by three per cent compared to the previous quarter. As at the end of March 2017, the company held 4.3Mt of inventory.