Riyadh – Mubasher: Umm Al Qura Cement on Monday turned to profitability in the third quarter of 2017, against suffering losses in the year-ago period.
Net profit amounted to SAR 5.11 million in Q3-17, against losses of SAR 4.28 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits retreated 39.6%.
The Saudi cement provider attributed turning to profits in Q3-17 to achieving higher sales, and a decrease in general administrative expenses.
At the level of the first nine months of 2017, the firm achieved SAR 30.59 million net profits, against net losses of SAR 12.28 million in the corresponding period in the year earlier.
By 1:31 pm KSA time, the stock rose 4.39% to reach SAR 16.64.
