Riyadh – Mubasher: Eastern Province Cement Company reported a decline in profits for the first quarter of 2017 by 41.86% year-on-year, and 3.85% quarter-on-quarter, as shown by its financial statements.
The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that net profits totalled SAR 50 million in Q1-17 compared to SAR 86 million in the same period last year.
Eastern Cement attributed the decline in profits to lower local demand and the fierce competition, as well as the decrease in its stake in sister companies.
Revenues fell by 17.5% in the first quarter of the year to SAR 202 million down from SAR 245 million in the same quarter last year.
