Yamama Cement saw its net profits fall 71.9% in the final quarter of 2016, the latest Saudi Arabian cement company to announce a significant fall in profitability.
The company made SAR43 million in the three months to the end of the year, down from SAR153 million over the same period in 2015. Revenues were also down 23.21% on the previous quarter.
For the year, the company reported a 40.49% fall in net profits over the year, making SAR366 million compared to SAR615 million in 2015.
Dased in Riyadh, the capital of Saudi Arabia, Yamama Cement was established in 1961 and listed on the Saudi Stock Exchange in 1993. It is currently constructing a new cement plant with clinker production capacity of 20 000 tpd, having secured SAR1 billion in funding earlier this month.
The plant, which is being built southwest of Riyadh, is being constructed by German engineering giant, thyssenkrupp Industrial Solutions. The plant is expected to start operations in 2018.
German materials handling specialist, AUMUND Fördertechnik, recently announced that it has been awarded the contract to supply the clinker conveying equipment.
Read the article online at: https://www.worldcement.com/africa-middle-east/25012017/yamama-cements-profits-slide/