Riyadh – Mubasher: City Cement posted a 5% decrease in the net profit of the second quarter of 2016 to SAR 64.85 million ($17.3 million) from SAR 68.25 million ($18.2 million) in Q2-15, according to a bourse filing Monday.
Lower profit was due to the high cost of sales and Zakah provision despite the increase in other sales and revenues.
The company’s profits rose 1.63% in the first six months of 2016 to SAR 138 million compared to SAR 135.84 million in the year-ago period.
