Riyadh – Mubasher: The Saudi Arabia-based City Cement on Monday reported a 56.9% year-on-year drop in its net profits for the full year 2017, pressured by a 48% decline in the fourth-quarter profit.

Net profits declined to SAR 93.3 million last year versus SAR 216.3 million in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

The cement producer attributed the decrease its annual net profits to the fall of sales, the hike of production cost, a rise in administrative and general expenses, and a growth in other revenues.

City Cement’s sales tumbled 11% to SAR 535.39 million in 2017, compared to SAR 601.89 million a year earlier.

 The company’s net profits retreated 48% to SAR 23.9 million in the fourth quarter of 2017, from SAR 45.9 million in the same period a year before.

City Cement’s stock inched down 0.2%, closing Sunday at SAR 11.10.