Riyadh – Mubasher: Saudi Arabia-based Tabuk Cement on Sunday reported that it turned to loss in the first quarter of 2018, against logging profits in the year-ago period.
The company suffered a net loss of SAR 11.23 million in the three-month period ended March 2018, against achieving SAR 8.68 million in net profits in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Tabuk Cement attributed the negative turn in its financials to a decrease in sales prices, higher production costs and the fierce competition in the market.
The Tadawul-listed firm’s sales tumbled 18.7% to SAR 46.73 million in the first three months of 2018, down from SAR 57.46 million in the corresponding period in the previous year.
Quarter-on-quarter, losses increased by 15.9% from SAR 9.7 million in Q4-17.
Tabuk Cement’s stock edged down 0.5% to close Sunday’s session at SAR 13.96.
