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Yamamah Cement

Source: NCB Capital

Yamama Cement announced its preliminary numbers for 4Q09 on 10 January. As expected, numbers were up vs. 4Q08 with net profits higher by 70% YoY. The strong YoY performance was partly due to weak numbers in 4Q08, but also our belief that Yamama has been increasingly willing, and successful, in selling outside its traditional central region due to cement over supply in this area. We await the full results before updating our numbers.

4Q09 profits up more than 70% YoY, 2009 down: Yamama reported growth of more than 70% on all of its profit lines for 4Q09; gross profits grew 72% YoY to SR163mn, operating profits grew 78% YoY to SR150mn and net profits grew 70% YoY to SR145mn (vs. NCBC estimate of SR130mn). For 2009 however, all profit lines were down YoY; gross profit and operating profit both fell by 4% to SR620mn and SR574mn respectively, whilst net profit fell by 8% YoY to SR562mn (vs. NCBC estimate of SR548mn). As is the norm with cement companies, quarterly sales figures have not been released at this stage.

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