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Yanbu Cement

Source: NCB Capital

Worse than expected 2Q10 results

Yanbu Cement Company (YCC) announced its 2Q10 numbers on 7 July 2010. Off the back of sales volume data available for April and May 2010, we had expected 2Q10 results to be weak, but the actual results have come in worse than expected. All profit lines fell by around 25% YoY, with net income 13% lower than our estimate. We continue to remain cautious on the stock.

• Gross profit – fell 22% in 2Q10 to SR122mn, 11% below our forecast. 2Q10 came in 4% down on 1Q10.

• Operating profit - fell 24% YoY in 2Q10 to SR116mn, 12% below our forecast.

• Net profit - fell 25% YoY in 2Q10 to SR113mn, 13% below our forecast. The net profit in 2Q10 was also down 8% QoQ.

• EPS – fell 25% YoY to SR1.08, 13% below our forecast.

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