Riyadh – Mubasher: Yamama Cement Co reported a plunge of 89.54% in net profits during the second quarter of 2017 compared to the same period a year ago.
Earnings shrank to SAR 12.17 million in Q2-17 from SAR 116.3 million in Q2-16, according to a bourse statement.
Total sales decreased by 30.6% to SAR 194.7 million in Q2-17 from SAR 280.4 million in Q2-16.
The decrease in Q2 net income was attributed to lower sales due to a decrease in local demand, the statement added.
During the first six months of 2017, Yamama Cement recorded a surge of 76.39% in profits to SAR 63 million from SAR 266.75 million in the corresponding period in 2016.
The company’s total sales decreased by 37% to SAR 414.9 million in H1-17 from SAR 656.5 million in H1-16.
