Southern Province sees 63% drop in 1Q profit

Saudi-based Southern Province Cement Co reported a 62.9 per cent drop in profits for the first quarter of 2017, compared to the same period of the previous year, while QoQ profits declined 30.9 per cent.

Profits stood at SAR105m (US$28m) in 1Q17, compared to SAR283m in 1Q16, according to a filing to the Saudi Stock Exchange.

The company attributed the decrease in profits to a drop in sales as a result of lower demand and lower selling prices given competition in the market.

Sales declined 44.8 per cent to SAR303m in the three months to the end of March 2017, compared to SAR549m in the same period in the year earlier.