Riyadh – Mubasher: Yanbu Cement on Monday stated that its net profits retreated 80.43% year-on-year in the third quarter of 2017.
Net profits decreased to SAR 18 million in Q3-17, from SAR 92 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits levelled down 77.5%.
Saudi Arabia-based cement provider attributed the decline in its year-on-year net profits to drop in average of selling prices due to strong competition in the Kingdom's cement market.
Net profits went down 47.16% reaching SAR 223 million in the first nine months of 2017, compared to SAR 422 million in the same period in the year earlier.
The stock tumbled 2.71%, closing at SAR 27.30 on Sunday.
