Riyadh - Mubasher: Eastern Province Cement reported a 37.5% decline in profits in the fourth quarter of 2016 to SAR 55 million ($14.66 million) from SAR 88 million ($23.47 million) in the same quarter the year before.
However, profits increased by 27.91% compared to Q3-16 according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
The decline in profits is attributed to lower quantity and value of sales due to the weaker demand and tougher competition, as well as an increase in production cost which came as a result of higher energy prices.
Eastern Province’s profits decreased by 29.43% in 2016 to SAR 235 million compared to SAR 333 million in 2015, the statement indicated.
