Riyadh – Mubasher: Saudi Arabia-based Northern Region Cement Company on Thursday posted an 89.8% year-on-year plunge in its profits during the first quarter of 2018.
The Saudi cement provider's profit declined to SAR 1.66 million in the three-month period ended March 2018, compared to SAR 16.3 million during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The company attributed the large drop in profits to an increase in amortisation expenses, coupled with a drop in selling prices for one of its subsidiaries, and a decrease in sales due to fierce competition in the domestic market.
Sales of Northern Region Cement Company tumbled 9% to SAR 113 million during Q1-18, versus SAR 124 million in the corresponding period last year.
Quarter-on-quarter, the firm’s profits slumped 89.1% from SAR 15.2 million during Q4-17.
The stock inched down 0.10% to close Wednesday's session at SAR 9.75.
