Riyadh – Mubasher: Saudi Arabia-based Najran Cement Company on Wednesday said that it turned unprofitable in the fourth quarter of 2017, against posting profits in the year-ago period.
The firm’s net loss amounted to SAR 11.8 million during Q4-17, compared to SAR 14.9 million in net profits in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
For the full year 2017, the cement producer's net loss hit SAR 21.86 million against net profits worth SAR 125.74 million in the year before.
The Saudi cement firm attributed the loss to lower average sales price, as well as a decline in sales volume on the back of the market's subdued demand for cement, fierce competition, and an increase in production cost.
By 10:01 am KSA time, Najran Cement Company’s stock fell 2.46% to SAR 9.52.
