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Riyadh – Mubasher: Eastern Province Cement Company on Sunday reported a 45.71% year-on-year decline in net profits for the second quarter of 2018 on lower precast concrete sales.
The firm’s profits amounted to SAR 19 million during Q2-18, down from SAR 35 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits jumped 11.76%, from SAR 17 million.
Sales fell 4.4% to SAR 152 million during Q2-18, from SAR 159 million in the period from April to June 2017.
At the level of first six months, the Saudi cement producer’s profits retreated 59.3%, reaching SAR 35 million, compared to SAR 86 million in H1-17.
Sales levelled down 19.9% to SAR 290 million by the end of H1-18, from SAR 362 million during the same six months a year earlier.
Eastern Province Cement attributed the drop in Q2-18 and H1-18 profits to a decline in the value and volume of precast concrete sales.
The Saudi cement firm’s stock decreased 3.08% to close Sunday at SAR 22.