Riyadh – Mubasher: Tabuk Cement on Thursday announced that its net profits tumbled 93.84% in the second quarter of 2017, compared to the year-ago period.
Net profits amounted to SAR 1.3 million in Q2-17, compared to SAR 21.1 million in Q2-16, according to a bourse filing.
Quarter-on-quarter, net profits fell 85.06%.
The Tadawul-listed cement firm attributed the decrease in its net profits in Q2-17 to lower demand and lower prices.
In the first half of 2017, net profits declined 76.42% to reach SAR 10 million, compared to SAR 42.4 million in H1-16.
Tabuk Cement’s stock went down 0.92%, closing at SAR 10.74 on Thursday.
