Riyadh – Mubasher: Saudi Cement Company on Monday said its net profits slid 56.9% year-on-year in the third quarter of 2017.

Net profits tumbled to SAR 87 million in Q3-17, from SAR 202 million in Q3-16, according to a bourse filing.

Quarter-on-quarter, profits levelled down 7.5%.

Saudi Arabia-based cement provider attributed the decrease of its year-on-year net profits to sales’ drop, the decline of the firm’s stake in net financial results of associate companies, and the fall of other revenues.

At the level of the first nine months of 2017 net profits went down 51.5% to reach SAR 346 million, compared to SAR 714 million in the corresponding period in the year earlier.

By 11:40 am KSA time, the stock declined 2.08% to SAR 38.20.