Riyadh – Mubasher: City Cement Co. saw a 23.2% decrease in its profits year-on-year in the fourth quarter of 2016, according to a bourse statement.
Net profits amounted to SAR 45.1 million ($12 million) in Q4-16, compared to SAR 58.63 million ($15.63 million) in Q4-15.
The year-on-year fall in profits resulted from a decline in sales, and a rise in costs and other expenses.
Operating profits reached SAR 48.12 million in Q4-16, down 22.97% from SAR 62.4 million in Q4-15.
The company generated net profits of SAR 215.04 million in 2016, a decrease of 11.1% from OMR 241.86 million in 2015.
In 2016, operating profits went down 9.8% to SAR 229.49 million from SAR 254.32 million in 2015.
