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Yanbu Cement profits down 35% in Q2

Yanbu Cement profits down 35% in Q2
The year-on-year decline is a result of lower sales and average selling price - (Photo Archive)
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Mubasher - Riyadh: Yanbu Cement Company posted a 35.37% decline in profits in the second quarter of 2016 to SAR 159 million ($42.4 million) from SAR 246 million ($65.6 million) in the same period last year.

The year-on-year decline is a result of lower sales and average selling price, attributed to slowing demand, higher fuel prices, and fierce competition, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Profits also decreased 24.5% in the first half of 2016, recording SAR 342 million, compared to SAR 453 million in H1-15.