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Tabuk Cement loss catapults in 12M

Tabuk Cement loss catapults in 12M
Revenue went down 10.3% last year
TCC
3090
-10.40% 13.10 -1.52

Riyadh – Mubasher: Tabuk Cement on Thursday reported a 316.4% year-on-year hike in net loss after Zakat and taxes during the full year 2018, recording SAR 98.94 million ($26.38 million).

The Tadawul-listed company’s revenue went down 10.3% to SAR 149.44 million last year, compared to SAR 166.61 million a year earlier.

Tabuk based the major loss increase on five factors including the decline in sale prices due to the severe competition in the local market.

Quarter-on-quarter, the Saudi cement producer posted a 50.7% growth in net loss during the fourth quarter of 2018, registering SAR 32.45 million.

Tabuk’s loss rose 57.2% to SAR 19.19 million after calculating Zakat and taxes in Q3-18, compared to SAR 12.2 million in the year-ago period.

The company's stock shed 1.29% to SAR 12.24 on Thursday.