Riyadh – Mubasher: Saudi Cement Co reported a 6.9% year-on-year net profit decrease during the first quarter of 2019.

The Saudi cement producer’s net profits, after taxes and zakat, amounted to SAR 132.4 million in Q1-19 from SAR 142.2 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The Q1 profit drop was ascribed to higher sales and marketing expenses, an increase in general and administrative expenses, a growth in Islamic financing as well as a decline in the company’s share in net results of associates.

Meanwhile, the company’s revenues surged by 18.1% to SAR 390.4 million in the first three months of 2019, compared to SAR 330.5 million in the corresponding period a year earlier.

Quarter-on-quarter, the company’s profits rose by 6.1% from SAR 124.8 million in Q4-18.

For the full-year 2018, Saudi Cement Co’s profits retreated 11.67%, logging SAR 400.5 million, compared to SAR 453.4 million in the prior year.