Riyadh – Mubasher: Qassim Cement posted a 26.1% decrease year-on-year in its profits during the fourth quarter of 2016, according to a bourse filing.
Profits reached SAR 88.77 million ($23.67 million) in Q4-16, compared to SAR 140.53 million ($37.47 million).
The year-on-year profit fall is mainly attributed to a decrease in sales value and volume driven by lower demand of cement, in addition to higher cost of goods sold due to a rise in power and fuel prices.
Profits levelled down 30.11% to SAR 409.84 million in 2016, compared to SAR 586.44 million in 2015.
Operating profits slid 43.2% to SAR 86.52 million in Q4-16, compared to SAR 152.35 million in Q4-15. In 2016, operating profits went down 30.5% to SAR 417.95 million from SAR 601.39 million in 2015.
