Riyadh – Mubasher: Saudi Arabia’s Southern Province Cement Company (SPCC) on Sunday reported a 47% year-on-year profit decrease during the full-year 2018.
SPCC’s net profit after calculating Zakat and Tax amounted to SAR 195 million ($52.01 million) last year, down from SAR 370 million ($98.68 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed 2018 profit decrease to a decline in selling prices, coupled with lower revenues.
Sales tumbled 17% to SAR 888 million in 2018, compared to SAR 1.06 billion in the previous year, while operating profits slumped 43% to SAR 215 million, against SAR 373 million.
Earnings per share (EPS) reached SAR 1.39 last year, down from SAR 2.64.
The Saudi cement producer’s profits after calculating Zakat and Tax plunged 53.9%, logging SAR 52 million in the fourth quarter of 2018, compared to SAR 113 million in Q4-17, according to data compiled by Mubasher.
In November 2018, MSCI announced removing SPCC’s stock from its Emerging Market (EM) index during its semi-annual review.
SPCC’s stock remained unchanged to close Sunday’s trading session at SAR 43.50.
