Riyadh – Mubasher: Eastern Province Cement on Wednesday posted a 52.86% decline in its profits for the full-year 2017.
Profits decreased to SAR 107 million last year, down from SAR 227 million in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed company attributed the profit decline to low quantities and low sales' prices, in addition to a fall in the company’s share in the results of another company.
Sales dropped 25.2% year-on-year to SAR 641 million in 2017, the clinker and cement producer said.
By the end of Tuesday’s session, Eastern Cement’s stock rose 0.55% at SAR 25.59.
