Saudi Arabian cement producer Southern Province Cement Co has reported a 2.9 per cent YoY decrease in net profits in the 1Q18.

Net profits fell to SAR102m (US$27.2m) in the three-month period ended March 2018, compared to SAR105m in 1Q17, according to the company’s statement to the Saudi Stock Exchange.

Southern Province has attributed the drop to a decrease in sales due to lower demand and a lower selling price. Total sales contracted 9.6 per cent to SAR274m from SAR303m in 1Q17.