Riyadh – Mubasher: Qassim Cement's profits retreated 38.84% to SAR 70.4 million ($18.77 million) in the third quarter of 2016 from SAR 115.12 million ($30.7 million) in Q3-15.
The decrease in profits was attributed to the decline in sales value and volume driven by lower demand of cement, in addition to increase in cost of goods sold due to increase in power and fuel prices and decrease in other income, according to a bourse filing.
On the nine-month level, the net profits fell 28% to SAR 321 million compared to SAR 446 million in the year-ago period.
Total sales decreased 18.66% to SAR 171.2 in Q3-16 from SAR 210.47 in Q3-15, while sales went down 11.94% to SAR 666.7 in the first nine months of 2016 from SAR 757 in the same period of 2015.
