Riyadh - Mubasher: The financial statements of Yanbu Cement Company showed a decline in net profits in the second quarter of the year by 49.7% year-on-year, and 35.5% quarter-on-quarter, according to a bourse filing.
The company said in its statement to the Saudi Stock Exchange (Tadawul) on Monday that net profits decreased to SAR 80 million in Q2-17 down from SAR 159 million for the same last year.
The drop in profits is attributed to lower sales, which resulted from a weak demand and a fierce competition, the statement explained.
As for the first half of the year, net profits retreated by 37.9% to SAR 205 million compared to SAR 330 million in the six-month period that ended 30 June 2016.
Sales volumes went down by 38% to SAR 214 million in Q2-17 down from SAR 348 million in Q2-16, while semi-annual sales reached SAR 521 million in H1-17 compared to SAR 748 million in H1-16, declining by 30%.
