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Sun 11 Jul 2010 10:42 AM

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Saudi's Yanbu Cement posts 25% drop in Q2 profit

Firm says drop due to falling sales amid increased competition and export ban.

Saudi's Yanbu Cement posts 25% drop in Q2 profit
EXPORT BAN: Saudi has restrictions on exporting cement in place. (Getty Images)

Saudi's Yanbu Cement Co posted a 25 percent drop in second-quarter net profit as sales fell amid increased competition and a ban on exports, the firm said on Sunday.

Yanbu Cement made a net profit of 113 million riyals in ($30.13 million) the three months ending June 30, compared with 151 million riyals in the same period a year earlier.

"The reason for the drop is the decline in the amount and value of sales due to the strong competition and the ban on exports," the firm said in the bourse statement.

Operating profits declined by 23.7 percent to 115.8 million riyals, the company said. (Reuters)

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