Riyadh – Mubasher: Hail Cement Company on Thursday reported turning to losses in the second quarter of 2018, against posting profits in the year-ago period.
The firm incurred SAR 17.99 million net losses during Q2-18, against SAR 2.66 million profits in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, Hail Cement Company turned to losses.
The Saudi cement producer attributed suffering losses in Q2-18 to decrease in prices, demand decline, and fierce competition.
Revenues levelled up 28.30% to SAR 41.3 million during Q2-18, from SAR 32.2 million in the same period a year before.
Hail Cement losses amounted to SAR 13.77 million during H1-18, against SAR 10.94 million profits in H1-17.
Revenues rose 17.49% to SAR 90 million in H1-18, from SAR 76.6 million during the corresponding period a year before.
The stock inched up 0.22% to end Thursday at SAR 8.97.
