Riyadh – Mubasher: Thob Al-Aseel Company on Monday has reported a 79.1% year-on-year profit decline in the third quarter of 2018.

Profits after calculating Zakat and Tax amounted to SAR 1.73 million in Q3-18, compared to SAR 8.27 million during Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the third-quarter profit decrease to a 7.8% decline in sales.

Quarter-on-quarter, the Saudi company's profits slumped 95.5% during the three-month period ended September, from SAR 38.43 million.

During the first nine months of 2018, Thob Al-Aseel Company’s net profits amounted to SAR 54.32 million.

In a separate statement, the firm’s board of directors decided to distribute a cash dividend of SAR 30 million for H1-18, or SAR 1 per share.

The entitlement for dividends distributions will be for the shareholders registered in the Tadawul Securities Depository at the end of the trading day of the general assembly meeting.

By 11:46 Saudi time, the firm’s stock decreased 2.38% to reach SAR 23.