Riyadh – Mubasher: Saudi Arabia-based Qassim Cement on Monday reported a 65.45% year-on-year decrease in its net profits for the second quarter of 2018.

The company logged a net profit of SAR 18.4 million in Q2-18, down from SAR 53.2 million during Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul). 

Quarter-on-quarter, profits tumbled 67.85% in the period between April and June, from SAR 57.18 million.

During the first quarter of 2018, the firm’s profits amounted to SAR 75.6 million, down from SAR 133.4 million during H1-17.

Qassim Cement attributed the profit decrease to a drop in sales value on the back of lower demand.

Sales levelled down 34.82%to SAR 88.1 million during Q2-18, compared to SAR 135.1 million in the same three months a year earlier.

The Saudi cement provider’s sales dipped 27.67% to SAR 235.96 million during the six-month period ended June, from SAR 326.21 million in the prior-year period.

The stock inched up 0.14% to close Monday’s trading session at SAR 35.95.