Saudi Arabia: Northern Cement sees 43% profit fall in 3Q16

Northern Region Cement Co reported a 42.83 per cent decline in net profits to SAR30.09m (US$8m) in 3Q16 from SAR52.64m a year earlier.  Profits also decreased 38.16 per cent QoQ, according to the company's statement to the Tadawul.

The decrease in profits has been attributed to lower sales following a weaker domestic demand amid the Hadj season and summer holidays, complemented by a rise in costs as fuel prices rose.