Riyadh – Mubasher: The Saudi Arabia-based City Cement said it has got a licence from the commerce and industry ministry to export cement for a one-year period starting from its issuance date.

The financial impact of the export licence will be announced in the coming period, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The Tadawul-listed firm’s net profit declined 56.9% to SAR 93.3 million during the full-year 2017, down from SAR 216.3 million a year earlier.

The cement producer posted a 48% drop in profits in the fourth quarter of 2017, registering SAR 23.9 million, compared to SAR 45.9 million in the same quarter in the year before.

By 10:22 am KSA time, the stock rose 0.45% to SAR 11.20.