Umm Al Qura Cement records 98% profit decline

Saudi Arabia-based Umm Al Qura Cement Co (UACC) has seen its profit drop 97.6 per cent YoY in the second quarter of 2018, falling to SAR199,600 (US$53,226) from SAR8.4m. The significant decline in profit has been attributed to a decrease in sales value, alongside higher marketing and selling expenses.

In the half-year period (Jan-Jun 2018), the company saw profits down 59.3 per cent to SAR10.4m from SAR25.5m. Sales slipped 3.3 per cent to SAR87.7m, compared with SAR90.6m of the year-ago period.