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Sat 8 Jan 2011 08:20 PM

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Saudi's Yamama Cement Q4 net profit up 10 percent

Company made $42.7m ending December, compared to $38.6m in same period last year

Saudi's Yamama Cement Q4 net profit up 10 percent
HIGHER PROFIT: Saudi cement companies despite an export ban, had managed to achieve higher sales (Getty Images)

Saudi Arabia's Yamama Cement posted a 10 percent increase in its fourth quarter net profits, the company said in a bourse statement on Saturday.

Yamama made $42.7m in the three months ending December, compared to $38.6m in the same period a year earlier, the statement said.

Operating profit for the fourth quarter increased by 11 percent to $44.2m.

Saudi Cement companies are still faced with an export ban imposed in 2008 after cement prices skyrocketed as firms were seeking more lucrative offers abroad, leading to a shortage of cement in the local market.

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