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Yamamah Cement

Source: NCB Capital

2Q10 results support Overweight call

Yamama Cement Company (YSCC) announced better than expected 2Q10 results on 12 July 2010. Net income came 17% above our estimate with the 1H10 dividend of SR2 per share 14% higher than what we expected. We await the full financials before updating our model, but believe the 2Q10 numbers support our Overweight call on Yamama Cement.

• Gross profit – grew 12% in 2Q10 to SR199mn, 12% above our forecast. 2Q10 came in 10% up on 1Q10.

• Operating profit - grew 13% YoY in 2Q10 to SR188mn, 16% above our forecast.

• Net profit – was up 16% YoY in 2Q10 to SR192mn, 17% above our forecast. The net profit in 2Q10 was also up 16% QoQ.

• EPS – grew by 16% YoY to SR1.42, 17% above our forecast.

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