Riyadh – Mubasher: Yamama Cement on Tuesday said its profits declined 66% in the first quarter of 2017 compared to the same quarter of 2016.
Net profits reached SAR 50.8 million in Q1-17 compared to SAR 150 million in the same period in 2016, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The decline in volume and value of sales, due to low local demand, was the main reason behind the year-on-year drop in profits in Q1-17, Yamama added.
Quarter-on-quarter, profits increased 17.39% in Q1-17 compared to Q4-16.
Total sales amounted to SAR 220.2 million in the first three months of 2017 compared to SAR 376.04 million in Q1-16, registering a decrease of 41%.
The cement company had previously posted a 40.49% fall in profits to SAR 366 billion in 2016.
