Riyadh – Mubasher: Eastern Province Cement Company on Tuesday reported a 34.6% year-on-year profit decline during the full-year 2018.

Net profits after calculating Zakat and Tax hit SAR 70 million ($18.66 million) last year, down from SAR 107 million ($28.53 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

Eastern Province attributed the large decrease in 2018 profits to a drop in sales of cement, precast concrete, coupled with higher Zakat provisions.

The Saudi cement producer’s profits surged 225% to SAR 26 million in the fourth quarter of 2018, against SAR 8 million during Q4-17, according to data compiled by Mubasher.

Eastern Province Cement Company’s stock inched down 0.96% to finish Tuesday's trading session at SAR 24.66.