x Abu Dhabi, UAETuesday 25 July 2017

Concrete profits boost shares on Saudi's Yanbu

Markets Update: Yanbu Cement was a bright spot on Saudi Arabia's stock-market on Sunday after profit in the fourth quarter rose 54 per cent.

Saudi Arabia's stock-market was boosted by Yanbu Cement on Sunday after the Jeddah-based company reported a 54 per cent rise in fourth quarter profit.

Net income in the quarter rose to 143. 4 million Saudi riyals amid higher sales and output from its fifth production line.

Yanbu's shares rose 1.1 per cent to 67.75 riyals a piece on the Tadawul exchange.

Other cement stocks also made decent gains. Southern Province cement added 0.2 per cent to 87 riyals, while Hail Cement moved 0.2 per cent higher to 17.65 riyals.

Cement companies rose over 20 per cent last year, outperforming all other sectors represented on the stock-market. The Saudi Tadawul All-Share Index was little changed at 6482.97 points.

In the UAE, the Abu Dhabi Securities Exchange General Index and the Dubai Financial Market General Index lost 0.6 per cent and 0.5 per cent to 2346.49 points and 1320.14 points respectively.

Elsewhere in the region, Kuwait's measure was unchanged at 5751.30 points. Bahrain's index added 0.1 per cent 1134.59 points. Oman's index lost 0.8 per cent to 5644.72 points. Qatar's index lost 0.5 per cent 8654.36 points.

 

halsayegh@thenational.ae