Al Jouf Cement Q1 profits down 75%

Riyadh - Mubasher: Al Jouf Cement Company posted a 74.77% year-on-year decline in net profits for the first quarter of 2018.

Profits reached SAR 4.1 million by the end of Q1-18, compared with SAR 16.3 million for the same period last year, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

Profits decreased by 51.42% quarter-on-quarter, as shown by the company’s financial statements.

The company attributed the decrease in profits to weaker demand.