Riyadh – Mubasher: Saudi Cement Company on Sunday reported a decline in its profits for the second quarter of 2017 and the first half of the year.
Profits fell 62.25% to SAR 94 million in Q2-17, from SAR 249 million in the corresponding period of 2016, Saudi Cement said in a filing to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits were down by 43.03%, the company added.
The cement firm attributed its lower profits to a decrease in sales quantities and values in Q1-17, on the back of a decline in local demand for cement.
Saudi Cement also suffered a “decrease in share in net results of associates companies and decrease in other income” in Q1-17 compared to the year-ago period.
Meanwhile, between January and June 2017, Saudi Cement logged SAR 259 million profits, down 49.41% from SAR 512 million, the statement showed.
Profits during the period fell on the back of lower demand for cement in the Kingdom, the company added.
Gross and operating profits also retreated by 46.02% and 49.53% year-on-year to SAR 312 million and SAR 267 million, respectively, in H1-17.
Earnings per share (EPS) amounted to SAR 1.69 in H1-17, compared to SAR 3.35 in H1-16.
Saudi Cement’s stock last closed Thursday at SAR 50.23, after rising marginally by 0.06%.
