Najran Cement losses surge to 651% in 2Q18

Saudi Arabia’s Najran Cement’s losses reached SAR-31.73m (US$-8.46m) in the second quarter of 2018, representing an increase of SAR4.2m when compared with the 2Q17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter the company’s losses increased 212 from SAR18.18m.

Najran has attributed the slide to a drop in average selling prices, combined with a fall in sales volumes as demand has fallen and competition increased. Higher production and finance costs have also contributed to the drop in company fortunes.

During the first half of 2018, the firm’s losses reached SAR41.9m, compared with SAR7m in the 1H17.