Saudi Arabia-based Yanbu Cement Company has clocked 20% decline in third-quarter net profit.
The company has attributed the dip in net profit to weaker sales.

Yanbu Cement representatives stated in a communiqué that the company's net profit figure during review quarter stood at SR98 million compared to SR122 million in the corresponding period a year ago.

As per official sources, cement manufacturers in Saudi Arabia have been under an export ban since June 2008, but Yanbu Cement has informed that in June the firm was not affected as its production was absorbed locally.

The government had prohibited cement exports to force prices down after major infrastructure projects sent demand rising at a time cement companies eyed more lucrative markets overseas.

As per official sources, Yanbu Cement intends to spend SR1.5 billion with the aim to enhance its production capacity by 48% by fiscal 2011.