Hail Cement sees 90% profit slide in 2Q17

Saudi Arabia's Hail Cement Co announced that its net profits decreased by 90.1 per cent YoY to SAR2.66m (US$709,203) in 2Q17 from SAR26.8m in 2Q16.

Sales fell 51.2 per cent to SAR32.16m in the second quarter, from SAR75m in 2Q16 as demand in the kingdom fell, competition increased and prices declined.

In the first six months, profits fell 81.5 per cent to SAR10.9m from SAR59.13m in 1H16 while sales soften 53.5 per cent to SAR76.6m in 1H17, compared with SAR164.55m.