Riyadh – Mubasher: Yanbu Cement Company on Thursday posted a 5.56% year-on-year decline in its net profits after calculating Zakat and Tax during the third quarter of 2018.
Yanbu Cement’s net profit amounted to SAR 17 million ($4.53 million) during Q3-18, down from SAR 18 million ($4.80 million) in Q3-17, according to a bourse filing.
Sales slid 12% to SAR 153 million from July to September 2018, against SAR 173 million in the corresponding period a year earlier.
Operational profits fell 16% to SAR 16 million during Q3-18, compared to SAR 19 million in the year before.
Quarter-on-quarter, the Saudi cement producer’s profit soared 325% in the quarter ended September, from SAR 4 million.
During the first nine months of 2018, Yanbu Cement Company’s profit after calculating Zakat and Tax levelled down 73% to SAR 60 million, versus SAR 223 million in the previous year period.
The firm attributed the nine-month profit decline to a decrease in the average selling prices resulted from strong competition in the market.
Year-on-year, revenues slid 18.4% to SAR 566 million in the January-September period of 2018, from SAR 694 million, while total profits decreased 63.2%, reaching SAR 89 million, compared to SAR 242 million.
Operational profits also slumped 75% to SAR 53 million in the first nine months this year, from SAR 213 million.
Yanbu Cement Co's stock increased by 7.60% to close Wednesday's trading session at SAR 21.80.
