Riyadh – Mubasher: Saudi Arabia-based Yamama Cement Co on Monday reported a 53% year-on-year slump in its profits during the first quarter of 2018.

The firm’s profits amounted to SAR 23.8 million in Q1-18, compared to SAR 50.8 million during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi cement producer attributed the decrease in its first-quarter profits to a drop in cement demand, in addition to a decline in other revenues.

Quarter-on-quarter, Yamama Cement’s profits jumped 40.7% in Q1-18, compared to Q4-17.