Yanbu Cement’s profit slides 95% to SAR 4m in Q2

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.

Mubasher Contribution Time: 22-Jul-2018 14:35 (GMT)
Mubasher Last Update Time: 22-Jul-2018 14:35 (GMT)