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Yamamah Saudi Cement

Source: BMG

Building up…on inventory

• During 2009, Yamama Cement Company (YCC) managed to sell 5.2 million tonnes of cement, versus 4.1 million tonnes in 2008, at an average selling price of SAR224 a tonne, a drop of 13% from the SAR258 average selling price during 2008

• YCC operated at a utilisation rate of 86% of its 6.0 million tonnes clinker production facility, installed during 2007, up from the 78% utilisation rate in 2008

• The company has accumulated additional clinker inventory, bringing total clinker inventory, as of December 2009, to 1,034,000 tonnes, up from 740,000 tonnes at December 2008. Current inventory is equivalent to 17% of the company’s annual clinker production capacity

• Yamama Cement witnessed no exports for 2009 as a result of the export ban. For 2009, it sold 100% of its sales to the local market, compared to 7% of sales as exports

• The company reported revenues in 2009 of SAR1,163 million, representing a growth rate of 3.6% over the SAR1,123 million recorded during 2008

• Yamama Cement’s profitability levels witnessed a decline during 2009, falling from a gross profit margin of 59.3% for 2008, to 53.3% for 2009.The drop in profitability can be attributed to the decline in the average selling price, caused by zero contribution from exports to the top line, and a local oversupply environment. The gross profit cash cost per tonne stood still at SAR105.

• Net income came in at SAR562 million, 8% lower than 2008’s bottom line of SAR611 million

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