Riyadh – Mubasher: Southern Province Cement’s profits fell 14.36% year-on-year to SAR 173 million ($46 million) in the third quarter of 2016 from SAR 202 million ($53.87 million).
The company attributed the decline in its profits to the decrease in sales due to lower demand, adding to higher depreciation, as a result for adding the third line in Tihama factory to the company’s assets.
As for the first nine months of 2016, the cement firm registered net profits of SAR 724 million down from SAR 739 million for the same period of the previous year, with a 2% decrease.
