83.6000
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0.6000
Change %
0.7229%
Open
83.0000
Close
83.6000
High
83.7000
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Qassim Cement Q3 profit slides 89% on lower sales

2018-11-04 15:54:51 GMT (Economies.com)
 

Qassim Cement Co. on Sunday posted financial results for the third quarter of 2018, which reflected a 88.9% fall in net profit.

 

The company generated SAR 5.7 million net profit in the third quarter, compared with SAR 51.2 million in the same period a year ago, according to the company’s filing to Tadawul.

 

The profit decline was ascribed by the company to a decrease in the volume and value of sales due to lower demand for cement and a decrease in average sale price, in addition to a rise in average cost per ton and a rise in Zakat expenses, despite the rise in other revenues.

 

Q3 revenues fell to SAR 74.4 million, from SAR 130.7 million in Q3-17.

 

Meanwhile, net profit for the first nine months of 2018 showed SAR 81.2 million, a fall by 56% year-on-year from SAR 184.6 million.

 

The cement producer earlier posted SAR 75.6 million net profit for the first half of 2018, compared with SAR 133.4 million in prior-year period.

 

 
 
 
  Symbol Last Change Chg.%
1.1733
0.0019
0.1635%
1.3707
0.0031
0.2270%
Tadawul
11270.57
-40.58
0.36%
22.655
0.354
1.590%
73.390
2.457
3.464%
77.56
0.31
0.40%
1753.470
-3.335
0.190%
 
 
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