Abu Dhabi - Mubasher: Gulf Cement Company, which is dual-listed on Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), on Monday reported a 95% drop in profits for the first nine months of 2018.

Net profits amounted to AED 1.6 million for the nine-month period ended September, compared to AED 33.1 million in the same period of the prior year, according to a filing to Boursa Kuwait.

Profit margin declined to 4.3% in the first nine months of this year, versus 13.2% in the same period a year earlier.

Similarly, operating revenues plunged 49% year-on-year to AED 3.4 million from January to September.

As for the third quarter of 2018, the company incurred a loss of AED 3.9 million, against a profit of AED 11.4 million in Q3-17, the statement showed.

Revenues retreated to AED 127.6 million in Q3-18, from AED 138.3 million in the same period the year before.

It is worth noting that the company’s profits declined 13% year-on-year to AED 1.66 million for the first half of 2018.