Riyadh – Mubasher: Saudi cement companies reported a collective net loss during the third quarter of 2018. 

Financial results by the cement sector on the Saudi Stock Exchange (Tadawul) showed losses of SAR 5.05 million, against profits of SAR 300.44 million the third quarter last year, according to a survey by Mubasher. 

In the first nine months of the year, profits decreased by 77.5% year-on-year. 

Net profits before zakat and taxes totalled SAR 345.53 million, compared with SAR 1.54 billion in the nine-month period that ended on 30 September 2017. 

Seven companies reported a decline in profits, led by Saudi Cement which reported a 13.7% decrease in profits to SAR 75.4 million. 

On the other hand, five companies turned to losses in Q3-18.