Saudi-based Yanbu Cement Co's second quarter net profit fell by 49.7 per cent YoY, and 35.5 per cent on a sequential basis, according to a bourse filing. The drop in profits is attributed to lower sales, which resulted from a weak demand and fierce competition.

Net profit decreased to SAR80m (US$21.3m) in the three months to the end of June 2017 from SAR159m in the same period a year earlier. Sales were down by 38 per cent YoY to SAR214m during the 2Q17.

In terms of Yanbu's first-half performance, net profit contracted by 37.9 per cent to SAR205m compared to SAR330m a year earlier. Sales declined to SAR521m from the SAR748m recorded in the first half of 2016.