Tabuk Cement profit down

Tabuk Cement on Wednesday announced a 59.2 per cent decrease in net profit during the first quarter of 2017, compared to the same quarter last year, according to a bourse filing.

Net profits fell to SAR8.7m (US$2.3m) in 1Q17, compared to SAR21.3m in 1Q16. The company attributed the YoY profit fall in 1Q17 to a decline in the amounts and value of sales and higher financial costs.

Tabuk Cement’s sales amounted to SAR57.5m in the period between January and March, compared to SAR75.5m in the same period in 2016, the statement showed.