Riyadh – Mubasher: Arabian Cement on Sunday announced suffering a loss of SAR 26.2 million ($6.98 million) after calculating Zakat and Tax during the full-year 2018, against a net profit of SAR 262.7 million ($70.04 million) a year earlier.
The Saudi cement producer ascribed 2018 loss to a drop in the average of selling prices, lower sales, coupled with higher financing expenses and Zakat provision, according to a filing to the Saudi Stock Exchange (Tadawul).
Sales tumbled 34% to SAR 600.7 million last year, from SAR 905.7 million in 2017.
Arabian Cement incurred SAR 30 million operational losses from January to December 2018, against an operational profit of SAR 281.5 million in 2017.
The Tadawul-listed cement company’s profits plunged 83.2% to SAR 16.3 million from October to December last year, compared to SAR 97.1 million in Q4-17, according to data compiled by Mubasher.
By 12:19 pm Saudi time, Arabian Cement’s stock went up 1.24% to SAR 24.52.
