Saudi Arabia: Najran Cement reports lower 2Q16 profits

Najran Cement in Saudi Arabia has announced lower earnings during the second quarter of 2016, according to a bourse filing. Earnings fell 56.8 per cent YoY to SAR33.6m (US$8.96m) from SAR77.83m due to lower sales volumes.

The gains made by an increase in average sales prices and a fall in selling and distribution expenses were offset by a slowdown of building and higher energy prices.

In the first half of 2016, Najran Cement earned SAR94.69m, representing a 44.2 per cent decrease YoY from SAR169.8m.