Riyadh - Mubasher: Yanbu Cement Company recorded a 35.86% year-on-year decline in profits in the third quarter of 2016 to SAR 93 million ($24.8 million) from SAR 145 million ($38.67 million) in Q3-15, according to a bourse filing.
Profits also decreased 41.5% quarter-on-quarter.
The decline in profits is a result of lower sales and a drop in average selling price due to weaker demand and a fierce competition accompanied by higher oil prices.
The company’s net profits went down by 26.97% in the first nine months of the year to SAR 436 million compared to SAR 597 million in the same period last year.
