Yanbu Cement Co. (YCC) posted SAR 163 million net earnings for Q3 2014, increasing 16.43% year-on-year from SAR 140 million but falling 32.37% quarter-on-quarter from SAR 241 million.
However, the nine-month net earnings decreased 7.87% to SAR 609 million, compared with SAR 661 million in the year-ago period.
The earnings per share (EPS) fell from SAR 4.2 to SAR 3.87.
The cement producer ascribed Q3 profit increase y/y to the decline in the cost of sales on increasing production and receiving the clinker import subsidy.
The nine-month profit decline y/y was because of the decline in the sales quantity on weak demand, the company said.
YCC attributed Q3 profit decline q/q to the decrease in the sales quantity in Ramadan and Eid al-Fitr holiday as well as collecting miscellaneous revenue in the previous quarter.