Yanbu Cement released on Tuesday interim financial results for the nine-month period ending on Sept. 30, 2014.
Q3 2014 net earnings reached SAR 163 million, growing 16.43% year-on-year from SAR 140 million but decreasing 32.37% quarter-on-quarter from SAR 241 million.
The nine-month earnings netted SAR 609 million, falling 7.87% from SAR 661 million in the same period of last year.
The earnings per share also decreased from SAR 4.2 to SAR 3.87.
The cement producer said the growth in Q3 net profit y/y was due to the lower cost of sales on boosting production and receiving the clinker import subsidy in Q3.
The nine-month profit decline y/y was due to the lower sales quantity, Yanbu Cement said.
The company also ascribed the decrease in Q3 profit q/q to the lower sales quantity in Ramadan and Eid al-Fitr holiday, as well as the collection of miscellaneous revenues.