Riyadh – Mubasher: Qassim Cement Co. on Sunday reported a 88.9% year-on-year drop in its net profits during the third quarter of 2018, compared to the year-ago period.
The firm’s profits after calculating Zakat and Tax amounted to SAR 5.68 million in the three-month period ended September, compared to SAR 51.24 million in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi cement producer attributed the third-quarter profit decrease to a decline in volume and value of sales that resulted from demand drop.
Revenues fell 43% to SAR 74.36 million from July to September 2018, from SAR 130.74 million in the corresponding three period a year earlier.
During the first nine months of 2018, Qassim Cement’s profit after calculating Zakat and Tax plunged 55.99% to SAR 81.24 million, compared to SAR 184.59 million during the same period of 2017.
Qassim Cement’s stock inched up 0.56% to close Sunday’s trading session at SAR 36.20.
