Riyadh – Mubasher: Umm Al Qura Cement Company’s (UACC) on Thursday reported a 40.24% year-on-year slump in its net profits for the first quarter in 2018.

The firm’s net profits amounted to SAR 10.17 million during Q1-18, compared to around SAR 17 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Umm Al Qura attributed the decrease in first-quarter profits to a decline in an average of selling prices due to fierce competition, a rise in sales cost, in addition to the hike of selling and marketing expenses, and a jump in financing costs.

Sales increased 9% to SAR 56.54 million in Q1-18, from SAR 51.7 million during the same three months a year before.

Quarter-on-quarter, the firm's profits plunged 71%.

By 10:04 am Saudi time, Umm Al Qura’s stock rose 0.38% to SAR 15.82.