Riyadh – Mubasher: Saudi Cement on Wednesday said its profits declined 37.26% year-on-year during the first quarter of 2017, and fell 11.76% compared to Q4-16.
Profits stood at SAR 165 million in Q1-17, compared to SAR 263 million in Q1-16, according to a filing to the Saudi Stock Exchange (Tadawul).
The company attributed the decline in net profits to the decrease in demand on cement in Saudi Arabia.
Sales shed 32% to reach SAR 346 million in Q1-17, compared to SAR 507 million in the same quarter in the year before.
The Saudi cement company had previously reported a 4.04% decline in its profits to SAR 902 million in 2016, compared to SAR 940 million in 2015.
The stock stabilised at SAR 50 on Tuesday.
