Riyadh – Mubasher: Saudi Arabia-based Yanbu Cement Company on Tuesday posted a 67.7% year-on-year slump in its profits for the first quarter of 2018.
Net profits registered SAR 40 million in Q1-18, compared to SAR 124 million in Q1-17, according to the company’s filing to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed company attributed the drop in first-quarter profits to lower sales as a result of weak demand and lower selling prices, in addition to higher cost of cement production and higher Islamic financing costs.
Yanbu sales plunged 30% to SAR 216 million in the three-month period ended March 2018, from SAR 307 million during Q1-17.
For the full-year 2017, Yanbu Cement’s profits retreated 39.4% to SAR 319 million, versus 526 million a year earlier.
By the end of Monday’s session, Yanbu Cement’s stock levelled down 0.3% at SAR 28.74.
