Riyadh – Mubasher: Southern Province Cement Company on Monday reported a 62.9% drop in profits for the first quarter of 2017, compared to Q1-16, while quarter-on-quarter profits declined 30.9%.
Profits stood at SAR 105 million in Q1-17, compared to SAR 283 million in Q1-16, according to a filing to the Saudi Stock Exchange (Tadawul).
The company attributed the decrease in profits to a drop in sales as a result of lower demand and lower selling prices given competition in the market.
Sales declined 44.8% to SAR 303 million in Q1-17, compared to SAR 549 million in the same period in the year earlier.
The stock closed at SAR 56.18 after adding 0.32%.
