Abu Dhabi – Mubasher: The initial income statements of Sharjah Cement and Industrial Development showed an 82.3% year-on-year drop in net profits during the third quarter of 2018.

The cement firm posts AED 2.2 million in net profits from July to September, down from AED 12.4 million in Q3-17, according to a statement.

Sharjah Cement, which is listed on the Abu Dhabi Securities Exchange (ADX) and Boursa Kuwait, attributed the Q3 profit plunge to a drop in income from investments and sales.

Year-on-year, the company’s sales fell to AED 131.3 million, from AED 145.7 million.

At the level of the first nine months of the year, Sharjah Cement’s profits retreated 67%, reaching AED 14.3 million, compared to AED 43.6 million from January to September 2017.