Riyadh – Mubasher: Saudi Arabia-based Qassim Cement on Thursday posted a 28.67% year-on-year drop in its net profits during the first quarter of 2018.
The cement producer's net profit amounted to SAR 57.18 million in Q1-18, down from SAR 80.16 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits levelled down 14.91%, the Tadawul-listed company said.
The firm attributed the fall of its first-quarter profit to sales decrease due to lower demand for cement, a decline in sales prices, in addition to an increase in sales cost, general, administrative, and marketing expenses.
The stock remained unchanged to close Wednesday at SAR 40.99
