Arabian Cement Co profit down on lower sales and prices

Saudi-based Arabian Cement Co on Wednesday announced a 74.8 per cent YoY decrease in its profits for the second quarter of 2017, attributing the drop to lower sales volumes and prices.

Profits amounted to SAR35.5m (US$9.5m) in 2Q17, compared to SAR141m in 2Q16, according to statements to the Tadawul, the country's stock exchange. Profits tumbled 64.8 per cent QoQ.

For the first half of the year, profits slid 62.9 per cent to SAR136.2m, from SAR366.6m in 1H16.