Saudi Arabia: Yamama Cement has reported that its net profit remained stable year-on-year for the first three months of 2013 at US$73.9m. However its net profit rose by 59% from US$46.4m in the fourth quarter of 2012. The company attributed the increase in net profit from the fourth quarter to an increase in domestic demand.
The Arabian Cement Company reported a net income of US$42m for the first three months of 2013, a rise of 7.7% from US$39m year-on-year. Net income doubled from US$21m for the fourth quarter of 2012. Gross profit fell year-on-year by 3.6% to US$44.9m from US$46.5m. The company attributed the year-on-year rise in net income to a decrease in operating expenses and the increase in other income. The decrease in gross profit was attributed to a decrease in sales revenue.
Yanbu Cement Company reported that its net profit rose by 70% to US$65.9m in the first quarter of 2013 compared to US$38.4m in the same quarter in 2012. Net profit rose by 21.4% from US$54.1m in the fourth quarter of 2012. Yanbu's gross and operating profits rose accordingly. The company attributed the rises in profits to increased sales and as a result of the start of 'Line 5 commercial production from April 2012 and Opex efficiencies.'
