City Cement profits down 34% in Q1

Riyadh - Mubasher: City Cement reported a decrease in net profits for the first quarter of 2018 by 34.25% year-on-year.

Profits reached SAR 24.9 million by the end of Q1-18, compared with SAR 37.9 million for the same period last year, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

On the other hand, profits levelled up 4.5% quarter-on-quarter, as shown by the company’s financial statements.

The drop in profits was attributed by the cement manufacturer to lower sales and revenues, as well as a rise in administrative and general costs.