Saudi Arabia’s Yamamah Cement Co said on Sunday second-quarter net profit rose 12.5 percent on higher sales, beating all analysts’ forecasts.
Yamamah, Saudi Arabia’s third-largest cement maker by market value, made a net profit of 227.8 million riyals ($60.7 million) in the three months to June 30 compared with 202.5 million riyals a year earlier, it said in a statement on the bourse website.
“This growth in profit is due to an increase in the company’s sales volume,” Yamamah said.
The quarterly earnings came ahead of all three forecasts in a newswire Reuters net profit survey last month, ranging from 210.9 million to 219.6 million riyals. (Reuters)
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