Yanbu Cement Co recorded a net profit of $65.9m (SR: 247m) in the first quarter of 2013 - a 70.4% increase on the same period in 2012.
The company attributed the growth due to much higher sales as a result of the start of commercial production at its fifth line in April 2016. Sales were also up on the previous quarter, however, and the company added that it had reduced operational expenses.
Yanbu Cement was recently identified as the top stock pick from KSA s cement sector in a report by National Commercial Bank, which pointed to the company s location on the west coast where demand is strongest due to several mega-projects projects in cities like Jeddah, Makkah and Madinah.
The report also pointed out that the addition of the new line had given it spare capacity, and therefore room for growth in what is expected to be a busy market.
