Riyadh – Mubasher: Saudi Cement Co on Tuesday posted a 42.6% year-on-year decline in its net profits during the fourth quarter of 2017.
The Saudi Arabia-based company’s net profit amounted to SAR 107.4 million in Q4-17, compared to SAR 187 million during the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
During the full-year 2017, Saudi Cement reported a 49.7% decline in profits, registering SAR 453.4 million, compared to SAR 901 million during 2016.
The Saudi cement producer attributed the drop in the annual profits to a decline in sales, a rise in their cost, a drop in net results of associate firms, and a decrease in other revenues.
Saudi Cement’s stock edged down 0.14%, closing Tuesday at SAR 51.22.
