Riyadh – Mubasher: Hail Cement Company on Sunday said that its net profits slid 96.63% year-on-year in the third quarter of 2017.
Net profits tumbled to SAR 650,400 in Q3-17, from SAR 19.3 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits retreated 75.54%.
Saudi Arabia-based cement firm attributed the decline in its year-on-year net profits to drop in demand, and decrease in prices.
At the level of the first nine months of 2017 net profits levelled down 85.2% to reach SAR 11.6 million, compared to SAR 78.44 million in the corresponding period in the year earlier.
Hail Cement Company’s stock went up 1.44%, closing at 9.17 on Thursday.
