Riyadh – Mubasher: Southern Province Cement’s profits declined 48% year-on-year to SAR 156 million in the fourth quarter of 2016 from SAR 300 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.
Operating profit also decreased 48.8% to SAR 156 million in the fourth quarter of 2016 from SAR 305 million in the year-ago period, according to a bourse filing.
As for the twelve months of 2016, the cement firm registered net profits of SAR 881 million down from SAR 1.03 billion for the same period of the previous year, with a 15.21% decrease.
