Riyadh – Mubasher: Arabian Cement on Tuesday reported a 51.1% year-on-year decrease in net profits after calculating Zakat and Tax in the third quarter of 2018, registering SAR 14.4 million from SAR 29.5 million.
Revenues slid 28% to SAR 117.9 million from July to September, against SAR 163 million in the same period a year earlier, according to a bourse statement.
Operational profits tumbled 40% to SAR 25.9 million in Q3-18, from SAR 43 million during Q3-17.
During the first nine months of 2018, Arabian Cement turned to loss, suffering SAR 42.5 million after calculating Zakat and Tax, against a profit of SAR 165.6 million a year earlier.
The firm attributed the negative turn in its nine-month financials to a decline in sales volume and value.
Sales retreated 35.3% to SAR 425.4 million during the nine-month period ended September, compared to SAR 657.6 million in the corresponding period last year.
Arabian Cement incurred SAR 32.3 million in operational losses in the January-September period of 2018, against an operational profit of SAR 176.9 million in the year-ago period.
By 10:47 am Saudi time, the firm’s stock rose 4% to SAR 20.80.
