Riyadh – Mubasher: Southern Province Cement Company (SPCC) on Sunday reported a 90.7% year-on-year profit drop for the third quarter of 2018.

Net profits amounted to SAR 5.3 million in Q3-18, compared to SAR 57 million in Q3-17, according to the company’s filing to the Saudi Stock Exchange (Tadawul).

Sales declined 10% to SAR 196 million during the three-month period ended September, from SAR 216 million in the same period of the prior year.

For the first nine months of 2018, Saudi cement producer’s net profits tumbled 44.35% to SAR 143 million, versus SAR 257 million in the same period the year before.

The drop in profits was attributed to lower sales volumes, decreased revenue and higher zakat provisions.

By the end of Thursday’s session, Saudi cement’s stock levelled down 1.24% at SAR 31.80.