RIYADH: Saudi-listed Yanbu Cement Co., one of the Kingdom’s largest cement producers, reported a profit increase of 4 percent for the first nine months of 2022, despite a slight drop in sales.
The company’s net income went up to SR156 million ($23 million) from SR150 million in the same period a year earlier, according to a bourse filing.
In response to the results, Yanbu Cement’s shares ended 2.07 percent higher on Wednesday at SR42.00.
The profit increase is attributed to a fall in the cost of goods sold and an increase in export revenues during the current period, the cement producer said.
However, the Jeddah-based firm saw its revenue fall slightly to SR741.9 million from SR742.87 million year-on-year.
For the third quarter of 2022, net profit surged by 90 percent to SR69 million from SR36 million a year earlier.
