Riyadh – Mubasher: The Saudi-based Arabian Cement Co on Wednesday announced a 74.8% decrease in its profits for the second quarter of 2017, compared to the year-ago period.
Profits amounted to SAR 35.5 million in Q2-17, compared to SAR 141 million in Q2-16, according to statements to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits tumbled 64.8%.
The Saudi cement firm attributed the drop in its year-on-year profits to lower sales quantities and prices.
At the level of the first six months of 2017, profits slid 62.9% to SAR 136.2 million, from SAR 366.6 million in H1-16.
The stock levelled up 1.39%, closing at SAR 33.55 on Wednesday.
