Saudi Cement Company posts 11.6pc decline in profits

JEDDAH: Saudi Cement Company has announced a net profit of SAR 400.5 million for the year ended December 31, 2018, which is 11.6 percent lower than the profit of SAR 453.4 million recorded for the year ended December 31, 2017.

The earnings per share (EPS) for 2018 clocked in at SAR 2.62 as against EPS of SAR2.96 in 2017.

“The reasons for the decrease of current year net profit compared with last year are, decrease in local sales, in addition to increase in selling and distribution expenses, increase in Islamic financing charges, and decrease in share in net results of associates,” a bourse filing said.

 The sales revenue for the year under review stood at SAR 1.119 billion, down 5.4 percent, compared with the revenues of SAR 1.184 billion in the previous year.

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