Riyadh – Mubasher: Saudi Cement Co on Monday reported an 11.6% year-on-year decline in its net profit for the full-year ended 31 December 2018, recording SAR 400.5 million from SAR 453.4 million.
Revenue reached SAR 1.119 billion last year, 5.47% down from SAR 184.5 billion in 2017, Saudi Cement said in a filing to the Saudi Stock Exchange (Tadawul).
The drop in net profits was mainly driven by the decrease in local sales, as well as the increase in selling and distribution expenses and in Islamic financing charges, according to the filing.
Earning per share (EPS) stood at SAR 2.62 in 2018, compared to SAR 2.96 a year earlier, the company added.
In October, Saudi Cement posted that its net profits for the third quarter of 2018 fell by 14% year-on-year to SAR 75.4 million from SAR 87.4 million.
Revenues decreased 4.2% to SAR 239.6 million in Q3-18, versus SAR 250.2 million in Q3-17.
Moreover, the Tadawul-listed Cement producer had reported a net profit of SAR 275.7 million for the first nine months of 2018, 20.3% down from SAR 346 million in the corresponding period of 2017.
The company’s revenues fell 6% to SAR 815.8 million in the January-September period of 2018, compared to SAR 866 million in the same nine-month period of 2017.
