Eastern Cement records 46% fall in 2Q18 profit

Saudi Arabia’s Eastern Province Cement Co has recorded a 45.7 per cent YoY decline in net profit for the 2Q18, falling to SAR19m (US$5.06m) from SAR35m. Sales dropped 4.4 per cent to SAR152m from SAR159m.

In the 1H18 the company’s profit decreased 59.3 per cent to SAR35m, while sales dipped 19.9 per cent to SAR290m.

Eastern Cement attributed the fall in 1H18 profit to a decline in the value and volume of precast concrete sales.