Riyadh – Mubasher: Yamama Cement Company on Wednesday said its net profits slid 51.3% year-on-year in the fourth quarter of 2017.
The Saudi Arabia-based company’s net profits amounted to SAR 16.9 million in Q4-17, compared to SAR 34.8 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
The cement provider attributed the decline in its year-on-year net profits to the drop in sales on the back of the fall of domestic market's demand, and to the rise in the allocated amount for Zakat by SAR 5.7 million.
Moreover, the company’s profits plunged 69.5% to SAR 109.09 million in 2017, up from SAR 357.9 million the previous year.
