Riyadh – Mubasher: Qassim Cement on Monday stated that its net profit tumbled 38% in 2017, compared to the year-ago period.
Net profits declined to SAR 251.79 million during 2017, from SAR 405 million in the year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi Arabia-based cement producer attributed profit decrease to a drop in sales on the back of selling price decline and the retreat of cement demand.
Qassim Cement’ sales slid 26.54% to SAR 625.95 million in 2017, from SAR 852 million the year before.
The company's stock fell 1.45%, closing Sunday at SAR 44.89.
