Riyadh – Mubasher: Saudi Arabia-based City Cement Company on Wednesday announced turning to loss during the third quarter of 2018, against generating profits in the year-ago period.

The firm’s net losses after calculating Zakat and Tax amounted to SAR 2.38 million in Q3-18, against a profit of SAR 19.24 million in Q3-17, according to a bourse filing.

Year-on-year, the Saudi firm’s revenues fell 38% to SAR 65.34 million during the three-month period ended September, from SAR 105.83 million.

Total profits plunged 81% to SAR 5.26 million in Q3-18, compared to SAR 27.8 million in the same period a year earlier.

The firm posted a loss of SAR 9.88 million during Q2-18.

During the first nine months of 2018, City Cement’s net profits after calculating Zakat and Tax tumbled 53.4% to SAR 32.39 million, from SAR 69.47 million in the year-ago period.

City Cement attributed the nine-month profit decrease to a drop in sales and in other revenues, coupled with higher administrative and general expenses.

Sales slid 34.3% to SAR 256.51 million from January to September 2018, compared to SAR 390.17 million a year earlier.

Earnings per share (EPS) amounted to SAR 0.17, down from SAR 0.37.

City Cement Company’s stock increased 3.75% to close at SAR 9.40.