RIYADH: Saudi Eastern Province Cement Co.’s profits declined 52 percent during the first quarter as sales fell.
The cement maker’s first-quarter net profit dropped to SR29 million ($7.73 million) from SR60 million in the same period last year, it said in a bourse filing.
This came in line with a fall in its quarterly revenue which declined from SR217 million to SR161 million.
The company attributed the weak performance to a decrease in a number of elements including cement sales, income from investments, shares of profit in an associate, and other income.
