Riyadh – Mubasher: Hail Cement Company posted a 74.4% drop in net profit for the first quarter of 2017.

Profits reached SAR 8.28 million in Q1-16 from SAR 32.3 million in the prior-year period, according to a bourse filing on Tuesday.

The company attributed the fall in net profits to of less demand, tough competition, and declining prices.

Reveues also declined 50.3% SAR 44.43 million in Q1-17 compared to SAR 89.45 million the year-ago period.