Riyadh – Mubasher: Umm Al Qura Cement announced its net losses for the first quarter of 2016 shrank 22.54% year-over-year to SAR3.65 million ($973,000) from SAR4.7 million ($1.25 million).
In a bourse a filing, the cement producer attributed lower losses to a decrease in the appropriation of Zakat during Q1-16.
Moreover, a higher foreign currency exchange premium contributed to Q1-16 progress.
