The preliminary data of Saudi Cement Company showed that last year's profits fell 11.7% to 400.5 million riyals, equivalent to 107 million dollars, compared to 2017 profits of 453.4 million riyals.
The company said in a statement to the Saudi Stock Exchange (Tadawul), that the decline in profits of 2018 is due to lower local sales and an increase in selling, marketing and financing expenses, in addition to a decrease in the company's share in the net results of associates. < / p>
According to the financial statements of the company, sales decreased last year to reach 1119.6 million riyals, compared to 1184.5 million riyals in 2017, a decrease of 5.5%.
The company’s total shareholders ’equity decreased last year by 3.2% to 2787.1 million riyals, compared to 2877.9 million riyals in 2017.
Saudi Cement rose 0.7% during Monday's trading, despite the announcement of declining annual results.
The stock achieved 1.46 million riyals in trading, after 58 transactions were executed on 25.43 thousand shares.
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