Riyadh - Mubasher: Arabian Cement reported a decline in net profits by 69.7% year-on-year in the third quarter of 2017, as shown by the company financial statements.
Profits amounted to SAR 29.5 million in Q3-17, down from SAR 97.2 million for the same period last year, and 16.9% less than those recorded in the previous quarter, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
Lower profits are attributed to the decrease in income by around SAR 45.4 million due to slower sales volumes and prices, as well as a cut in the company’s returns from affiliated companies and other investments.
Other revenues also decreased, with a rise in provisions and finance costs by SAR 4.4 million, and SAR 8.3 million, respectively, also contributing to the retreat in quarterly profits.
As for the first nine months of the year, profits went down 64.3% to SAR 165.5 million down from SAR 463.8 million in the corresponding period in 2016.
