Riyadh - Mubasher: The financial statements of Eastern Province Cement Company showed a decline in profits by 66% year-on-year.
Profits went down to SAR 17 million by the end of Q1-18, compared to around SAR 50 million for the same period last year, the cement company said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
Eastern Cement attributed the drop in profits to lower operational income and other revenues, as well as an increase in cost.
Sales volumes decreased by 31% to SAR 139 million from SAR 202 million in Q1-17.
Meanwhile, the company’s quarterly profits surged 112.5% compared with the fourth quarter of 2017.
