Riyadh – Mubasher: Hail Cement Company posted a 3.51% decrease in net profit for the second quarter of 2016, according to a bourse filing on Monday.

The cement firm generated SAR 27.63 million ($7.36 million) net profit down from SAR 28.64 million ($7.63 million) in the prior-year period.

The decline in the net profits is attributed to the lower market demand, the statement said.

The Saudi-listed company’s net profits fell 8.18% to SAR 60.7 million in the first half of 2016 from SAR 66.1 million in the year-ago period.