Saudi-based Yanbu Cement’s profits declined by 27.49 per cent YoY to SAR124m (US$33m) in the first quarter of 2017 from SAR171m.

The decline in profits was attributable to weaker demand and fierce competition, according to a bourse filing on Wednesday.

Total sales reached SAR296m in 1Q17 compared to SAR303m in the comparative period of 2016.