Riyadh – Mubasher: Qassim Cement on Monday stated that its profits slid 53.29% year-on-year in the second quarter of 2017.
The company’s profits declined to SAR 53.2 million in Q2-17, compared to SAR 113.9 million in Q2-16, according to a filing to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed firm's sales went down 38.6% to SAR 135 million in Q2-17, from SAR 220.2 million in the corresponding period in 2016 following a drop in the value and quantities of sales due to the decline in demand for cement. Other income also fell as the Murabaha return went down after the cost of sales decreased.
Quarter-on-quarter, the cement firm profit’s retreated 33.63%, the statement showed.
At the level of the first six months of 2017, Qassim Cement's profits levelled down 46.16% reaching SAR 133.36 million, compared to SAR 247.7 million in the same period in the year earlier. The cement firm's sales decreased 34.2% to SAR 326.2 million in H1-17 from SAR 495.5 million in H1-16.
The Saudi cement company’s stock shed 0.47% to close at SAR 48.55 on Monday.
