Lafarge Cement Jordan, the country’s leading cement producer, posted a 73 per cent fall in first-half net profit to JD9.4m (US$13.3m) on Tuesday, on weaker domestic sales.
Sales fell 38 per cent to JD95.8 million from the previous year, hit by weaker domestic consumption as the country reels from the impact of the global downturn.
The firm’s bottom line has also been hurt by a flood of cheap clinker imports using subsidised fuel from Saudi Arabia that gave an advantage to its local competitors, a company source said.
The firm, which until last year was the country’s sole producer, is managed by Lafarge, by far the biggest shareholder with a 50 per cent stake.
The company said total assets fell 18 per cent to JD241.8 million on June 30 against JD296m at end of December.