Saudi cement producer Yamama’s shares end in red despite 28% profits rise

Arab News
The cement maker’s net profit rose to SR222 million ($59 million) from SR172 million in the same period last year, a bourse filing shows. (Supplied)
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RIYADH: Shares of Yamama Cement Co. dropped at the close of the session of Tuesday, despite posting a 28 percent rise in profit for the first nine months of 2022 as a result of higher sales.

Yamama saw its shares drop by 0.16 percent to end the session at a share price of SR31.25 ($8).

The cement maker’s net profit rose to SR222 million from SR172 million in the same period last year, a bourse filing shows.

Along with an increase in sales, Yamama said that the decrease in zakat provisions and selling expenses for the current period contributed to the higher profit.

Topics: Tadawul TASI shares cement