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Al Jouf Cement’s profits level down 61% in Q3

Al Jouf Cement’s profits level down 61% in Q3
Net profits declined to SAR 5.84 million in Q3-17, from SAR 14.9 million in Q3-16, according to a bourse filing
JOUF CEMENT
3091
-0.70% 11.32 -0.08

Riyadh – Mubasher: Al Jouf Cement on Monday said its net profits plunged 60.8% year-on-year in the third quarter of 2017.

Net profits reached SAR 5.84 million in Q3-17, compared to SAR 14.9 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits slid 44.5%.

The Kingdom-based cement firmr attributed the decrease in its year-on-year net profits to a decline in sales’ quantities, and in average selling price due to weak demand and fierce competition in the Saudi cement market.

At the level of the first nine months of 2017, Al Jouf Cement’s net profits slumped 47.6% to SAR 32.65 million, from SAR 62.36 million in the corresponding period in the year earlier.

The stock fell 2.4%, closing at SAR 7.87 on Monday.