Al Jouf Cement 4% decline in 1Q profit

Saudi Arabian cement producer, Al Jouf Cement Co posted on Tuesday a net profit of SAR 24.72m (US$6.59m) in the first quarter of 2016, four per cent down from SAR 25.76m (US$6.87m) in 1Q15.

The fall in in profit was a result to the drop in the average selling price and higher finance charges and expenses of Zakat in this period, despite the increase in sales volume and other revenue from an inventory adjustment, according to a bourse filing