Riyadh – Mubasher: Arabian Cement on Wednesday reported turning to loss in the second quarter of 2018, against posting a profit in the same period a year earlier.
The Saudi Arabia-based firm suffered a net loss of SAR 50.9 million during Q2-18, against logging SAR 35.5 million in net profits in the same period a year earlier, according to a bourse filing.
Quarter-on-quarter, Arabian Cement's loss increased by 734.4% during the period between April and June, from SAR 6.1 million.
The cement producer attributed the second-quarter loss to a drop in total profits by SAR 88.7 million after a decrease in the average of selling price in a unit, along with lower sales volume and average of selling price in the parent firm.
Sales plunged SAR 51.5% to SAR 107.8 million in Q2-18, from SAR 222.4 million during the prior-year period.
During the first six months of 2018, the Saudi cement producer turned to loss after incurring SAR 57 million, against generating a profit of SAR 136.2 million during H1-17.
Arabian Cement’s sales tumbled 37.8% to SAR 307.6 million during H1-18, compared to SAR 494.5 million in the same six months a year ago.
By 10:36 am Saudi time, the stock fell 2.42%, reaching SAR 23.42.
