Riyadh – Mubasher: Najran Cement announced lower earnings during the second quarter of the fiscal year 2016 (Q2-16), according to a bourse filing.
Its Q2 earnings declined 56.8% year-over-year to SAR 33.6 million ($8.96 million) from SAR 77.83 million ($20.76 million).
Such decline is driven by lower sales volume due to the slowdown of construction activities and higher energy prices in spite of the increase in sales' average price and the decrease in selling and distribution expenses.
Over the first six months of 2016, the company earned SAR 94.69 million, down 44.24% year-over-year from SAR 169.8 million.
In the first three-month period, the company's profits reached SAR 61.08 million, compared with SAR 92 million for the year-ago quarter.
