Hail Cement sees drop in 2017 profit

Saudi Arabia’s Hail Cement reported a 84.4 per cent YoY fall in its net profit to SAR15.5m from SAR99.7m.

Total sales decreased 39.5 per cent from SAR272.1m in 2016 to SAR164.5m in 2017.

The company attributed its decrease in net profit to reduced demand, tough competition and falling prices.