Saudi cement producer Northern Region Cement saw a 75 per cent drop in its net profits to SAR13.09m (US$3.5m) in 2018 from SAR52.95m in the previous year, according to data published on the Saudi Stock Exchange.

The company attributed the fall to strong competition in Saudi Arabia and Jordan, which put downward pressure on prices.

In the fourth quarter of 2018, profits declined to SAR13.33m from SAR15.41m in the 4Q17, according to Mubasher. In the 3Q18 the company reported a 60.4 per cent YoY fall to SAR4.99m.