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Sun 10 Jan 2010 08:10 PM

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Saudi Yamama Cement posts 70% rise in Q4 profit

Increased sales push profit levels up as production rises to meet growing local demand.

Saudi Yamama Cement Co, the country's third largest cement producer, posted a 70 percent increase in fourth quarter profit from last year.

Yamama Cement made $38.6 million in the three months ending in Dec 31 compared to $22.6 million in the same period last year, the firm said in a statement posted on the bourse website on Sunday.

The firm said: "The reason behind the increase in net profit for the fourth quarter compared to the same period last year is due to the increased sales in order to meet growing local demand."

Total net profit for 2009 declined by 8 percent to $165.2 million compared to the year before as a result of the export ban, which resulted in a cement surplus and decline in prices, the firm said in the statement. (Reuters)

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