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IndexLevelChg%
Large Cap3,925 -0.83
Med Cap3,929 -1.00
Small Cap5,108 -1.14
Micro Cap8,598 -1.08

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Yamamah Cement

Source: NCB Capital

3Q10 results above expectations

Yamama Cement Company (YSCC) announced better than expected 3Q10 result on 12 October 2010. Net profit grew 12% YoY beating our expectation by 9% and particularly impressive considering sales volume declined by 8% YoY in 3Q10. We await the full financials before updating our model.

• Gross profit – grew 12% in 3Q10 to SR155mn, 10% above our forecast. 3Q10 came in 22% down on 2Q10.

• Operating profit - grew 12% YoY in 3Q10 to SR144mn, 9% above our forecast. 3Q10 came in 23% down on 2Q10.

• Net profit – was up 12% YoY in 3Q10 to SR140mn, 9% above our forecast. However, on QoQ basis net profit was down 27%.

• EPS – went up 12% YoY to SR1.04, 9% above our forecast.

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