Saudi Arabia’s Yanbu Cement posted a 19 per cent fall in first-quarter earnings,
blaming a fall in prices due to more competition, as well as lower sales.

Net income was SR123 million ($32.80 million) in the first quarter, compared to SR152 million in the same period a year earlier, the company said on the bourse website.

“The reason for the decline from the same period a year earlier is the decline in the
quantity and volume of sales resulting from increased competition from cement companies
in the Western region during a ban on exports,” the firm was quoted as saying in a report in our sister newspaper Gulf Daily News.

Saudi cement firms have faced a decline in profits after the government imposed the
ban on exports to curb prices, which had been soaring as producers sought more lucrative offers abroad, leading to a shortage in the local market.