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Saudi Cement profit drops 14% in Q1

Saudi Cement profit drops 14% in Q1
Net profits amounted to SAR 142.2 million during the three-month period ended March 2018
SAUDI CEMENT
3030
-6.79% 46.70 -3.40

Riyadh – Mubasher: Saudi Cement Co on Thursday reported a 13.7% year-on-year decline in its profits in the first quarter of 2018.

Net profits amounted to SAR 142.2 million during the three-month period ended March 2018, compared to SAR 164.7 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The negative turn in financials was attributed to a drop in sales, as well as a decline in profits from subsidiaries and other income, the Saudi Arabia-based firm noted. 

The cement producer also ascribed the profit decline to a growth in the cost of sales per tonne, in addition to a rise in Islamic financing charges.

The firm’s sales levelled down 4.6% to SAR 330.5 million in Q1-18, from SAR 346.4 million during the year-ago period.

Quarter-on-quarter, profits jumped 32.2% versus SAR 107.5 million in Q4-17.

The stock increased 1% to close Thursday at SAR 50.70.