Riyadh – Mubasher: Eastern Province Cement on Tuesday stated that its profits retreated 66.7% year-on-year in the third quarter of 2017.
Profits decreased to SAR 14 million in Q3-17, from SAR 42 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits levelled down 60%.
Saudi Arabia-based cement provider attributed the decline in its year-on-year net profits to lower sales quantities and value due to lower demands in the domestic cement market, and to a drop in profits in associate firms.
At the level of the first nine months of 2017, the company’s profits fell 43.8% to SAR 99 million, from SAR 176 million in the corresponding period in the year earlier.
The stock rose 1.1%, closing at SAR 23 on Tuesday.