RIYADH: Saudi Cement Co. reported a 48.8 percent decline in profits during its first quarter, as lower sales took their toll.
The cement producer’s profit reached SR61 million ($16 million), down from SR119 million in the same period last year, according to a bourse filing.
Along with the profit drop, the Dammam-based firm saw its annual revenue fall by 26.5 percent, from SR429 million to SR315 million.
The decrease in net profits is attributed to a decline in quantities and value of sales, in addition to an increase in the general and administrative expenses.