Riyadh – Mubasher: City Cement on Wednesday stated that its net profits retreated 41.54% in third quarter of 2017, compared to the year-ago period.

Net profits stood at SAR 19.24 million in Q3-17, compared to SAR 32.91 million in Q3-16, according to a bourse filing.

Quarter-on-quarter, profits increased 55.66%.

Saudi Arabia-based cement provider attributed the decrease in its year-on-year net profits to sales’ drop, a decline in Zakat, a rise in costs, and a slight increase in selling, administrative, and general expenses.

Net profits tumbled 59.24% to SAR 69.45 million in the first nine months of 2017, from SAR 170.39 million in the same period in 2016.

By 10:01 am KSA time, City Cement’s stock inched up 0.72% to reach SAR 9.76.