Hail Cement reports 49% fall in net profit for 1Q18

Saudi Arabia’s Hail Cement recorded a 48.9 per cent YoY fall in net profit for the 1Q18, decreasing to SAR4.23m (US$1.13m) from SAR8.28m. The company attributed the results to a decline in prices, drop in demand and strong competition, according to a statement to the Saudi Stock Exchange. Despite this, the profit results were a 6.9 per cent QoQ increase.

Additionally, sales rose 9.7 per cent to SAR48.73m, compared with SAR44.4m of the year-ago period.