Riyadh – Mubasher: Qassim Cement on Sunday said its net profits retreated 26.22% year-on-year in the third quarter of 2017.
Net profits dropped to SAR 51.24 million in Q3-17, from SAR 69.45 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits tumbled 3.69%.
The Tadawul-listed cement firm attributed the decline in its year-on-year net profits to the decrease in sales value due to drop in average selling price, as well as decrease in zakat expense.
At the level of the first nine months of 2017, the cement company’s net profits slid 41.8% to reach SAR 184.6 million, compared to SAR 317.15 million in the year-ago period.
Qassim Cement’s stock rose 0.62%, closing at SAR 40.30 on Thursday.
