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."
