Riyadh - Mubasher: Northern Region Cement Company reported a 57.3% year-on-year decline in profits in the fourth quarter of 2016, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
Profits reached SAR 16.91 million ($4.51 million) in Q4-16 down from SAR 39.62 million ($10.57 million) in Q4-15.
Profits also declined in Q4-16 by 43.8% compared to Q3-16, as shown by the company’s financial statements.
The decrease in Q4 profits is due to lower sales as a result of a fierce competition and lower selling prices and sales volumes.
As for the annual results, profits decreased by 33.03% to SAR 138.57 million in 2016 compared to SAR 206.91 million in 2015, which is attributed to weaker demand and lower prices, the statement indicated.
