Riyadh - Mubasher: Tabuk Cement Company has reported net losses of SAR 36.08 million in the second quarter of 2018, against profits of SAR 1.29 million for the same period last year.

As for the first half of the year, losses amounted to SAR 47.3 million, versus profits of SAR 9.97 million in H1-17, as shown by the company’s financial statements.

Tabuk Cement attributed the losses to the low selling price due to the strong competition, despite an increase in sales volumes, however the higher sales cost, which related to increase in depreciation and increase in financing costs, contributed to the losses, in addition to a decrease of SAR 12 million in clinker stocks as a result of re-evaluation and a decrease of SAR 7.4 million in intangible assets, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

Source: Mubasher

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