RIYADH: Southern Province Cement Co. reported a decline in profit of 49 percent in the first quarter, due to lower sales revenue.
The Saudi-listed company earned a net profit of SR87 million ($23.2 million), down from SR169 million in the same period a year earlier, according to a bourse filing.
The decline was mainly due to a fall in sales revenue resulting from a decrease in sales volume and an increase in general and administrative expenses.
The company's revenue stood at SR330 million, down 25 percent compared to the same period last year.
