Qassim Cement Co. posted a 2% year-on-year profit drop in the first quarter of 2019.
The Saudi cement producer’s net profits retreated to SAR 56 million in the first three months of 2019, compared to SAR 57.2 million in the prior-year period, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
The company ascribed Q1-19 profit decline to an increase in zakat expenses and other expenses.
On the other hand, the average cost of a tonne of cement increased, along with a growth in sales value and investment return.
Quarter-on-quarter, Qassim Cement’s profits soared 41.6% from SAR 39.56 million in Q4-18.