Southern Province Cement posted a 14.4 per cent YoY decrease in profits from SAR202m (US$53.9m) in 3Q15 to SAR173m in 3Q16.

Lower demand and higher depreciation were cited as the key reasons for the decline.

In the first nine months of 2016, the cement producer registered net profits of SAR724m, down from SAR739m for the same period of the previous year.