Saudi Arabia's Yamamah Cement Co said on Wednesday its first-quarter net profit rose 13.8 per cent on higher sales, but this came slightly below forecasts.
Yamamah, Saudi Arabia's third largest cement maker by market value, made a net profit of SAR197.5 million (Dh193.73 million), or SAR1.46 per share, in the three months to March 31, up from SAR173.5 million (Dh170.19 million), or SAR1.29 per share, a year earlier, it said in a statement posted on the bourse's website.
Analysts at KSB Capital had forecast Yamamah's first-quarter net profit to reach SAR200 million (Dh196.19 million).
“This rise is due to an increase in the company's sales volume," it said.
Operating profit rose 12 per cent to SAR196 million (Dh192.24 million). (Reuters)
Yamamah Cement Q1 profit rises 14%