Mubasher: Qatar National Cement Company reported a 29.7% drop in profits for the fourth quarter of 2017, according to a filing to the Qatar Stock Exchange (QSE) on Tuesday.

The QSE-listed firm achieved profits of QAR 84.11 million ($23.33 million) in Q4-17, compared to QAR 119.62 million ($33.18 million) in the corresponding period the year before.

Earnings per share amounted to QAR 5 for the period ended 31 December 2017 versus QAR 7.27 for the same period the previous year, according to the statement.

During 2017, the cement producer’s profits declined 31.2% to QAR 326.92 million from QAR 475.1 million a year earlier.

The board recommended the distribution of 45% of the company’s share capital as cash dividends to the shareholders.