Riyadh – Mubasher: Saudi Arabia-based Hail Cement Company on Monday said that its net profit plunged 84.4% during 2017, compared to the year before.
Net profits retreated to SAR 15.54 million in 2017, from SAR 99.65 million a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi cement producer attributed profit decline to a drop in demand, tough competition in the cement market, and a decrease in prices.
Sales slumped 39.53% to SAR 164.54 million in 2017, compared to SAR 272.12 million the previous year.
Hail Cement’s stock inched down 0.11%, closing Monday at SAR 9.41.
