Eastern Province Cement reports 35% fall in net profit

Saudi Arabia’s Eastern Province Cement Co has reported a 34.6 per cent YoY profit decline after zakat and tax, falling to SAR70m (US$18.66m) from SAR107m of 2017.

The company attributed the decrease to a drop in sales of cement, precast concrete and higher zakat provisions, according to a statement to the country’s stock exchange.

In the 4Q18 profit surged 225 per cent YoY to SAR26m, compared to SAR8m of the previous year.