Riyadh – Mubasher: The financial statements of Southern Province Cements Company (SPCC) showed a 2.9% year-on-year drop in its net profit for the first quarter of 2018.
Net profits amounted to SAR 102 million during the three-month period ended March 2018, compared to SAR 105 million in Q1-17, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.
The decline in net profits is attributable to a decrease in sales because of lower demand, in addition to the cut in selling price.
Total sales went down 9.6% to SAR 274 million in Q1-18, from SAR 303 million for the same period of the previous year.
By the end of Sunday’s session, SPCC’s stock fell 1.1% at SAR 40.10.
