Riyadh -Mubasher: Saudi Ceramics reported net profits of SAR 28.34 million ($7.55 million) for the second quarter, compared with SAR 81.2 million ($21.65 million) a year earlier, down by 65% on yearly basis.

The company attributed the profits decline for this period to the dropping of sales due to the slowdown of demand of the local market, as well as the company’s reduction of its selling prices in order to maintain its market share, which in its turn pressured the company’s margins.

As for the second half of 2016, the Saudi firm registered net profits of SAR 76.36 million down by 53.86% from SAR 165.5 million a year earlier.