Riyadh – Mubasher: Northern Region Cement Company on Monday stated that its net profits levelled down 58.4% in the third quarter of 2017, compared to the year-ago period.
Net profits tumbled to SAR 12.51 million in Q3-17, from SAR 30.09 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits surged 51.4%.
The Saudi cement firm attributed the decline in its year-on-year net profits to decrease in other revenues, and the increase in amortisation expenses.
At the level of the first nine months of 2017, net profits went down 69.4% to reach SAR 37.25 million, compared to SAR 121.66 million in the same period in the year earlier.
The stock fell 2.8%, closing at SAR 9.66 million on Monday.
