Riyadh – Mubasher: Umm Al Qura Cement on Wednesday said that it turned to profitability in the second quarter of 2017, against losses in the year-ago period.
Net profits amounted to SAR 8.46 million in Q2-17, against losses of SAR 4.35 million in Q2-16, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, net profits slid 50.31%.
The cement firm attributed turning to profitability in Q2-17 to starting commercial production, high sales, and the decrease in general and administrative expenses.
At the level of the first six months of 2017, the Tadawul-listed company's net profits stood at SAR 25.48 million, against losses of SAR 8 million in H1-16.
The stock decreased 1.49%, closing at SAR 17.20 on Wednesday.
