Riyadh - Mubasher: Northern Region Cement Company reported a 42.83% decline in net profits to SAR 30.09 million ($8.02 million) in the third quarter of 2016, from SAR 52.64 million ($14.04 million) in Q3-15.
Profits also decreased 38.16% quarter-on-quarter, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
The drop in profits is due to lower sales and a weaker demand amid the Hadj season and summer vacations, as well as the increase in costs due to higher fuel prices.
As for the nine-month period that ended 30 September 2016, profits went down by 27.3% to SAR 121.66 million compared to SAR 167.3 million in the same period last year.
