Qassim Cement reports 89% fall in net profit

Saudi Arabia's Qassim Cement has seen an 88.9 per cent YoY fall in its net profit during the third quarter of 2018, decreasing to SAR5.68m (US$1.514m) from SAR51.24m. The profit has been attributed to a drop in the volume and value of sales after a declining demand.

Revenue in the 3Q18 fell 43 per cent to SAR74.36m from SAR130.74m of the corresponding period a year ago.

During the first nine months of 2018, the company's net profit decreased 56 per cent YoY to SAR81.24m from SAR184.59m.