Riyadh – Mubasher: Arabian Cement’s net profits declined 55.36% in the first quarter of 2017 compared to the same quarter in 2016.
Net profits reached SAR 100.7 million in the first three months of 2017 compared to SAR 225.6 million in the same period of 2016, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
Net profits declined as a result of a decrease in total sales, the company added.
Quarter-on-quarter, profits surged 289% in Q1-17 compared to the last quarter of 2016.
Arabian Cement’s net sales went down 32.7% to reach SAR 272.1 million in Q1-17 compared to SAR 404.6 million in Q1-16.
The company had previously reported a 18% decrease in annual profits to SAR 491.4 million in 2016.
