Riyadh – Mubasher: Northern Region Cement Company on Wednesday announced that its net profits slid 83% year-on-year in the second quarter of 2017.
The cement firm's net profits tumbled to SAR 8.26 million in Q2-17, from SAR 48.66 million in Q2-16, according to a bourse filing.
Quarter-on-quarter, net profits levelled down 49.8%.
The Saudi cement company attributed the decrease in its year-on-year net profits to the increase rising interest rates on debt and the drop in other revenues.
Sales went down 55.1% to SAR 112.92 million in Q2-17, from SAR 251.67 million in the corresponding period in the year before.
In the first half of 2017, net profits fell 73.2% to reach SAR 24.59 million, compared to SAR 91.57 million in H1-16.
Sales declined 50.2% to SAR 240.22 million in H1-17, from SAR 482.81 million in the same period in the year before.
By 12:22 pm KSA time, the stock decreased 1.18% to SAR 9.25.
