Riyadh – Mubasher: Northern Region Cement Co. achieved a net profit of SAR 48.66 million ($13 million) in the second quarter of the year, down 24% from SAR 64 million ($17 million) in the year-ago period.
Profits were up 13.4% compared to Q1-16, the company said in a filing to the Saudi Stock Exchange (Tadawul) on Monday.
The quarter-on-quarter rise was attributed to increased clinker sales, whereas the year-on-year decline was ascribed to falling sales and increased production costs owing to higher energy prices.
Northern Cement’s profits for the first six months of 2016 reached SAR 91.6 million, registering a decline of 20.14% from SAR 114.66 million H1-15.
