Saudi cement producer Qassim’s profit down 75% on cost pressures

RIYADH: Saudi cement producer Qassim Cement Co. has posted a 75 percent profit decline in its quarterly earnings results, driven by higher expenses.

Net profit slipped to SR25 million ($6.7 million), down from almost SR100 million in the same period a year earlier, according to a filing.

On a quarterly basis, profit also went down by 26 percent from SR34 million in the quarter ending December last year.

This came in conjunction with a drop in revenues of 36 percent, and a decline in earnings per share from SR1.12 to SR0.28.

Qassim cited the fall in profit to lower sales value and a rise in general and administrative costs that led to cost pressures.