Riyadh – Mubasher: Yamama Cement Co on Tuesday said its net profits slid 48.2% year-on-year in the third quarter of 2017.
Net profits amounted to SAR 29.15 million in Q3-17, compared to SAR 56.31 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits soared 139.5%.
Saudi Arabia-based cement provider attributed the decline in its year-on-year net profits to the drop in sales’ volume and value due to low demands in the domestic market, and to the rise in general and administrative expenses.
At the level of the first nine months of 2017 net profits plunged 71.5% to SAR 92.14 million, from SAR 323.06 million in the corresponding period in the year earlier.
The cement firm’s revenues retreated 31% reaching SAR 164 million in Q3-17, compared to SAR 236 million in the same period in the year earlier.
Year-on-year, sales went down 35% to SAR 579 million, from SAR 892 million.
By 12:58 pm KSA time, Yamama Cement Co’s stock edged up 0.06% to SAR 16.10.
