Riyadh – Mubasher: Yanbu Cement Company on Sunday has said that net profits plunged 95% year-on-year in the second quarter of 2018.
Yanbu Cement’s net profits retreated to SAR 4 million during Q2-18, from SAR 80 million in Q2-17, according to a bourse filing.
Quarter-on-quarter, profits slumped 90%, from SAR 40 million.
The Saudi cement provider attributed the large decrease in its year-on-year net profits to a drop in sales volume due to demand decline.
Sales tumbled 8% to SAR 197 million during Q2-18, from SAR 214 million in the year-ago period.
The firm’s net profits fell 78.5%, reaching SAR 44 million in H1-18, compared to SAR 205 million during H1-17.
Yanbu Cement’s sales levelled down 21% to SAR 413 million during H1-18, from SAR 521 million in the corresponding six months in 2017.
The stock remained unchanged to close Sunday at SAR 26.50.