Riyadh – Mubasher: Hail Cement Company on Wednesday reported turning to loss in the third quarter of 2018, against posting profits during the year-ago period.
Hail Cement suffered a net loss of SAR 18.31 million after calculating Zakat and Tax by the end of Q3-18, against SAR 650,410 in profits in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, the Saudi cement producer’s losses increased by 1.7% during the three-month period ended September, from SAR 17.99 million.
In the first nine months of 2018, Hail Cement suffered a loss of SAR 32.08 million, against generating a profit of SAR 11.59 million during the year-ago period.
The firm ascribed the third-quarter and the nine-month loss to a drop in prices, lower demand, and tough competition in the market.
By 1:37 pm Saudi time, Hail Cement Company’s stock rose 3.96% to SAR 8.40.
