Riyadh – Mubasher: Southern Province Cement Company (SPCC) on Tuesday posted its results for the first nine months of 2017, which showed a 64.55% decline in net profits.
SPCC achieved net profits fell nearly three-fold to SAR 257 million in the first three quarters of 2017 from SAR 725 million in the year-ago period, according to a company statement to the Saudi Stock Exchange (Tadawul).
The operational profits from January to September saw a sharp decrease by 64.09% to reach SAR 260 million, compared to SAR 724 million in the comparative period of 2016, the company’s data showed.
Earnings per share (EPS) amounted to SAR 1.83 in the first nine months of the year, versus SAR 5.18 in the corresponding period of 2016.
SPCC’s data for the third quarter of 2017 also showed a 67.24% decline in net profits to SAR 57 million from SAR 174 million in Q3-16.
Operational profits also from July to September retreated 65.54% year-on-year to reach SAR 61 million, compared to AED 177 million.
The decline in net profits is attributable to the decreased sales, which was caused by lower demand, as well as the cut in selling price, SPCC concluded.
