Yanbu Cement sees 14% rise in 1H net profit

Saudi Arabia-based Yanbu Cement Co announced its interim condensed consolidated financial results for the period ended 30 June 2024.

Sales for the six month-period advanced SAR428.37m (US$114.2m), up 7.7 per cent YoY from SAR397.56m in the 1H23. The increase was attributed to a rise in sales volumes and the average selling price.

Operating profit increased 17.8 per cent YoY to SAR112.23m in the 1H24 from SAR95.4m.

Net profit improved 13.6 per cent YoY to SAR98.07m from SAR86.3m in the 1H23. The increase in 1H net profit was supported by improved returns on short-term investments, but this was offset partly by higher administrative, selling, financial and zakat expenses.