Riyadh – Mubasher: Saudi Arabia-based Yanbu Cement Company on Tuesday reported a 71.5% year-on-year decline in profits during the full-year 2018.
Yanbu Cement’s net profits after calculating Zakat and Tax amounted to SAR 91.18 million ($24.31 million) from January to December 2018, down from SAR 318.03 million ($84.79 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed 2018 profit decline to a decrease in sales volume, a drop in the average of selling prices, coupled with lower revenues.
Sales tumbled 16.31% to SAR 767.13 million last year, from SAR 916.62 million in 2017, while operating profits slumped 70% to SAR 94.88 million, compared to SAR 313.6 million.
Earnings per share (EPS) amounted to 58 halalas in 2018, down from SAR 2.02 in 2017.
The Saudi cement provider’s profits plunged 64.35% to SAR 34.18 million by the end of the fourth quarter of 2018, from SAR 95.87 million in Q4-17, according to data compiled by Mubasher.
Yanbu Cement reported a 5.56% year-on-year decrease in net profits after calculating Zakat and Tax during the third quarter of 2018, logging SAR 17 million against SAR 18 million.
