Riyadh – Mubasher: Saudi Cement Co on Tuesday reported a 14% year-on-year decrease in its net profits after calculating zakat and tax during the third quarter of 2018, logging SAR 75.4 million ($20.10 million), from SAR 87.4 million ($23.30 million).

Year-on-year, the value of total profits declined 2.1% to SAR 113.1 million during the three-month period ended September, compared to SAR 115.6 million, according to a bourse filing.

Revenues fell 4.2% to SAR 239.6 million from July to September this year, from SAR 250.2 million during Q3-17.

Quarter-on-quarter, the Saudi cement producer's profits increased 30% in the July-September period of 2018, from SAR 58 million.

During the first nine months of 2018, Saudi Cement Co’s profits after calculating Zakat and Tax went down 20.3% to SAR 275.7 million, from SAR 346 million.

Revenues levelled down 6% to SAR 815.8 million from January to September 2018, compared to SAR 866 million in the year-ago period.

The firm attributed the nine-month profit drop to lower sales and profits in subsidiaries, coupled with higher Islamic financial charges, distribution and selling expenses.

Earnings per share (EPS) amounted to SAR 1.8, down from SAR 2.26.

Saudi Cement Co’s stock levelled up 3.51% to close Tuesday’s trading session at SAR 38.30.