Riyadh – Mubasher: City Cement Company on Tuesday posted a 20.1% year-on-year decrease in its net profits for the second quarter of 2018.

The Saudi firm’s profits amounted to SAR 9.88 million during Q2-18, down from SAR 12.36 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits slumped 60.3% in the period between April and June, from SAR 24.9 million.

City Cement attributed the second-quarter profit decline to sales drop, coupled with a decrease in other revenues and higher general and administrative expenses.

Sales levelled down 40.1% to SAR 70.07 million during th three-month period ended June, from SAR 117.04 million in the same period a year earlier.

Profits tumbled 30.8% to SAR 34.78 million in the first six months of 2018, compared to SAR 50.23 million in H1-17.

The Tadawul-listed company’s sales went down 32.8% to SAR 191.17 million during H1-18, from SAR 284.34 million in the corresponding months in the year before.

City Cement Company’s stock inched down 0.57% to close Tuesday’s trading session at SAR 10.40.