Riyadh – Mubasher: Qassim Cement Co. on Tuesday reported a 41.12% year-on-year drop in profits for the fourth quarter of 2018.

Qassim Cement’s profit amounted to SAR 39.56 million in Q4-18, from SAR 67.19 million in the same period a year earlier.

The Saudi Arabia-based company’s net profits fell 52% to SAR 120.8 million for the full-year 2018, against SAR 251.79 million in 2017, according to initial financial data on the Saudi Stock Exchange (Tadawul).

The Saudi cement producer ascribed 2018 profits profit drop to the decrease in the value and volume of sales due to the reduced demand on cement and the strong competition that led to decreasing the average sale price.

The Saudi company’s profits declined 88.9% in net profits in Q3-18 to fall to SAR 81.24 million in nine months.

By 10:01 Saudi time, Qassim Cement’s stock rose 2.92% to SAR 37.