Riyadh – Mubasher: Eastern Province Cement Co. on Tuesday reported a 36% year-on-year drop in its net profits after calculating Zakat and Tax during the third quarter of 2018, reaching SAR 9 million ($2.40 million), compared to SAR 14 million ($3.73 million).

The Saudi cement firm attributed the third-quarter profit decrease to a large drop in prices due to market competition, a decline in investment revenues, coupled with higher expenses, according to a statement to the Saudi Stock Exchange (Tadawul).

Revenues remained unchanged at SAR 122 million by the end of Q3-18.

Quarter-on-quarter, the cement producer’s profits slumped 52.6% during the three-month period ended September, from SAR 19 million.

During the first nine months of 2018, Eastern Province Cement’s profits after calculating Zakat and Tax levelled dipped 56% year-on-year to SAR 44 million, from SAR 99 million.

The Saudi cement provider ascribed the nine-month profit drop to a decline in volume and value of cement sales, in addition to a decrease in operating profits, and investment revenues.

Year-on-year, sales went down 15% to SAR 412 million from January to September 2018, against SAR 484 million.

Eastern Province Cement Co.’s stock increased 1.05% to close Monday’s trading session at SAR 17.28.