Riyadh – Mubasher: Hail Cement Company on Sunday reported a 48.9% year-on-year decrease in net profits for the first quarter of 2018.
Hail Cement’s net profits declined to SAR 4.23 million during the three-month period ended March 2018, from SAR 8.28 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed cement producer attributed the drop in first-quarter net profits to a decline in prices, a drop in cement demand, and fierce competition in the market.
Sales increased 9.7% to SAR 48.73 million in Q1-18, up from SAR 44.4 million during the same period in the prior year.
Quarter-on-quarter, Hail Cement’s profits rose 6.9% from SAR 3.96 million in Q4-17.
The stock shed 0.3%, closing Sunday at SAR 9.18.
