Saudi Arabia: Northern Cement profits down 57% in 4Q16

Northern Region Cement Co reported a 57.3% YoY decline in profits in the fourth quarter of 2016, according to the company's filing to the Saudi Stock Exchange (Tadawul).

Profits reached SAR16.91m (US$4.51m), down from SAR39.62m in 4Q15 and -43.8 per cent when compared with the 3Q16.

The decline is attributed to lower sales due to intense competition, lower selling prices and reduces volumes.

Weaker demand and lower prices have also affected annual results as Northern Cement saw it full-year profits fall by 33.03 per cent to SAR158.75m when compared with SAR206.91m in 2015.