Riyadh – Mubasher: City Cement’s profits retreated 32.63% to SAR 31.92 million ($8.5 million) in the third quarter of 2016 from SAR 47.38 million ($12.6 million) in the same period of 2015.

The decrease in net profit was attributed to high cost of sales and Zakat provision despite the increase in other sales and revenues.

The company’s net profits fell 7.23% to SAR 170 million in first nine months of 2016 compared to SAR 183.2 million in the same period of 2015.

Total sales rose 2.10% to SAR 116.31 million in Q3-16 from SAR 113.90 million in Q3-15, while sales increased 14.6% to SAR 464.03 million in the nine-month period of 2016 compared to SAR 404.90 million in the year-ago period.