Riyadh – Mubahser: Saudi-based Tabuk Cement Company on Wednesday reported a 57.2% year-on-year loss increase during the third quarter of 2018.
Tabuk Cement suffered a net loss of SAR 19.19 million ($5.12million) after calculating Zakat and Tax by the end of Q3-18, up from SAR 12.2 million ($3.25 million) in Q3-17, according to a bourse filing.
Revenues fell 9% to SAR 25.86 million from July to September, against SAR 28.45 million in the same period last year.
Operational losses were increased by 122.2 to SAR 13.31 million in Q3-18, compared to SAR 5.99 million.
Quarter-on-quarter, the Saudi firm’s losses decreased 46.8% during the three-month period ended September, from SAR 36.08 million.
From January to September this year, Tabuk Cement’s net losses deepened by 2,881% to SAR 66.49 million, from SAR 2.23 million in the same period last year.
The cement producer attributed the third-quarter and the nine-month loss rise to a drop in selling price, coupled with higher sales cost, selling, general, administrative, and marketing expenses.
Year-on-year, sales tumbled 9% to SAR 113.87 million in the January-September period of 2018, versus SAR 124.95 million.
The firm suffered operational losses of SAR 47.48 million from January to September this year, against a net operational profit of SAR 6.33 million in the corresponding period a year earlier.
Tabuk Cement’s stock levelled up 3.5% to end Wednesday’s trading session at SAR 11.88.
