Yanbu Cement Company (YCC) has attributed good sales to its whopping 70 percent increase in Q1, 2013 net profit to SR 247 million from SR 144 million for the same quarter of previous year, against SR 203 million posted for the previous quarter, which showed an increase of 21.4 percent, according to Tadawul website.
YCC in the announcement of its interim consolidated financial results for the three-month period of 2013 stated its gross profit during the current quarter is SR 263 million compared to SR 157 million for the corresponding quarter of the previous year, an increase of 66.9 percent.
Its operating profit during Q1, 2013 is SR 254 million compared to 149 million of the previous year, an increase of 70.4 percent.
Earnings per share for the three months are SR 1.57 compared to SR 0.92 of the previous year (earning per share recalculated by the increase in capital by 50 percent as the extraordinary general assembly was held on March 24, 2013). The increase in the current quarter profit compared with the same quarter for the previous year is due to increase in sales as a result of the start of “Line 5 commercial production from April 2012 and Opex efficiencies.”
Yanbu Cement’s sales propel 70 percent jump in net profit
Yanbu Cement’s sales propel 70 percent jump in net profit
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
