Saudi-based Yanbu Cement Company has posted a net profit of SR151 million ($40.27 million) in the three months to June 30, when compared to SR149 million ($39.7 million) a year earlier.

In a statement on Saudi bourse website on Monday, Yanbu said its second quarter net profit rose 1.3 per cent. Yanbu gave no reason for the quarterly decline, saying only a 4.7 percent fall in first-half net profit to SR317 million was due to lower sales.

Yanbu Cement plans to spend SR1.5 billion to raise its production capacity by 48 per cent by 2011, its top executive said last month.-Reuters