Riyadh – Mubasher: Yamama Cement Co. on Monday reported a 41% decrease in net profits year-on-year net to SAR 56.3 million ($15 million) in the third quarter of 2016 from SAR 95.53 million ($25.47 million).
The decline was due to higher cost of sold goods due to increases in fuel prices as well as those of fixed assets, according to a bourse filing.
The company also attributed the lower profits to lower value and volume of sales as a result for pilgrimage season in the current quarter.
Yamama’s profits retreated 30.14% to SAR 323 million during the first nine months of 2016 from SAR 462.4 million in the same period of 2015.
