Riyadh – Mubasher: Najran Cement posted a net profit of SAR 61.08 million ($16.29 million) in the first quarter of 2016, registering a decline of 33.6% from SAR 92 million ($24.53 million) in the same period in 2015.
The profit fall was due to decreased sales and production added to a rise in the cost of imported clinker used in the manufacture of cement, Najran said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
It added that rising general and administrative expenses despite an increase in average selling prices and lower selling and distribution expenses and Zakat provisions also contributed to the profit decline.
