Riyadh – Mubasher: Southern Province Cement Company on Monday announced that its net profits slid 64.55% in the second quarter of 2017, compared to the year-ago period.
Profits stood at SAR 95 million in Q2-17, compared to SAR 268 million in Q2-16.
Quarter-on-quarter, profits decreased 9.52%, according to a bourse filing.
The Saudi cement firm attributed the decline in its net profits to the drop in sales due to lower demand, as well as the decrease in sales' prices.
Sales tumbled 50.71% to SAR 243 million in Q2-17, from SAR 493 million in the same period in the year before.
The company’s net profits went down 63.7% reaching SAR 200 million in H1-17, compared to SAR 551 million in H1-16.
The Saudi-listed firm’s sales levelled down to SAR 546 million in H1-17, from SAR 1.41 billion in the same period in the year before.
The stock shed 0.54% on Sunday, closing at SAR 50.20.
