Riyadh – Mubasher: Umm Al Qura Cement Company (UACC) on Tuesday reported turning to loss in the third quarter of 2018, against posting a profit in the year-ago period.

The firm’s losses after calculating Zakat and Tax amounted to SAR 3.94 million during the three-month period ended September, against a profit of SAR 5.11 million in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

UACC attributed the third-quarter loss to a decrease in sales volume and value, coupled with higher administrative and general expenses, in addition to a growth in financing costs.

During the first nine months of 2018, the Saudi cement producer’s profit plunged 78.9% to SAR 6.44 million, from SAR 30.59 million in the corresponding period a year earlier.

By 10:24 am Saudi time, Umm Al Qura Cement Company’s stock inched down 0.51% to SAR 11.62.