Riyadh – Mubasher: Tabuk Cement on Wednesday posted a net profit of SAR 7.9 million ($2.11 million) for the third quarter of 2016, down 14.13% from SAR 9.2 million ($2.45 million) for the year-ago period.
Operating profit declined 7.95% in Q3-16 to SAR 8.1 million compared to SAR 8.8 million in the same period in 2015, according to a bourse statement.
The cement company attributed the year-on-year profit fall in Q3-16 to a decline in average selling prices and higher cost of sales added to the impact of increased energy prices and lower other revenues
Meanwhile, Tabuk reported a net profit of SAR 51.3 million in the first nine months of 2016, registering a drop of 25.44% from SAR 68.8 million in the same period the year before.
Profits were down during the January-September period were similar to those of Q3-16, in addition to a decline in net sales by 6% to SAR 195.2 million compared to SAR 207.2 million in the first nine months of 2015.
Earnings per share (EPS) stood at SAR 0.57 in the nine-month period of 2016, compared to SAR 0.76 a year ago.
The company previously reported a net profit of SAR 21.2 million ($5.65 million) in Q2-16, down 21.2% year-on-year, from SAR 26.9 million ($7.2 million).
