Riyadh – Mubasher: Saudi Arabia-based Arabian Cement on Tuesday said that it turned to loss in the first quarter of 2018, against logging a profit in the year-ago period.
Arabian Cement’s net losses amounted to SAR 6.1 million during Q1-18, compared to a net profit of SAR 100.7 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi cement provider attributed the negative turn in first-quarter financials to a drop in sales volume, in addition to the fall of cement prices, and a growth in general administrative expenses.
The Tadawul-listed firm also ascribed its losses to a decline in its stake in associate companies, as well as a decrease in cash dividend distributions from securities that are available for investment.
Net sales’ value retreated 26.6% to SAR 199.7 million during the three-month period ended 31 March 2018, from SAR 272.1 million in the same period in the year before.
Arabian Cement’s stock inched up 0.06%, to close Monday’s session at SAR 32.97.
