Mubasher TV
Contact Us Advertising   العربية

Saudi Cement’s profit drops 38% to in Q2

Saudi Cement’s profit drops 38% to in Q2
Sales tumbled 8.8% to SAR 245.8 million during Q2-18
SAUDI CEMENT
3030
-6.99% 46.60 -3.50

Riyadh – Mubasher: Saudi Cement Co on Sunday posted a 38.2% year-on-year decline in its net profits for the second quarter of 2018.

Profits reached SAR 58 million during Q2-18, down from SAR 93.9 million in Q2-17, according to a bourse filing.

Quarter-on-quarter, profits slid 59.2% in the period between April and June, from SAR 142.2 million.

The cement producer attributed the second-quarter profit decrease to lower sales, coupled with a decline in the firm’s profit stake in a subsidiary.

The Saudi firm also ascribed the profit decline to a rise in Islamic financial charges, in addition to higher selling and marketing expenses.

Sales tumbled 8.8% to SAR 245.8 million during Q2-18, from SAR 269.5 million in the same period a year earlier.

Saudi Cement’s profits went down 22.5% to SAR 200.3 million in the first six months of 2018, compared to SAR 258.6 million during H1-17.

The Saudi cement producer noted that sales fell 6.4% to SAR 576.2 million during H1-18, from SAR 615.8 million in the corresponding period a year earlier.

By 12:04 pm Saudi time, the stock went down 6.34% to SAR 45.80.