Riyadh – Mubasher: Southern Province Cement Company (SPCC) on Wednesday reported a 62.11% year-on-year decrease in net profits for the second quarter of 2018, registering SAR 36 million, compared to SAR 95 million.
The cement provider's net profit dropped 31% to SAR 138 million during the first six months of 2018, compared to SAR 200 million during H1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits plunged 64.71% in Q2-18, from SAR 102 million.
SPCC attributed the second-quarter profit decrease to a lower demand for cement.
Sales retreated 26.75% to SAR 178 million during the period between April and June, from SAR 243 million in the corresponding period a year ago.
The stock decreased 2.06% to finish Wednesday at SAR 38.10.
