Riyadh – Mubasher: Northern Region Cement Company reported a 61.6% year-on-year decline in profits in the first quarter of 2017.

Profits reached SAR 16.48 million in Q1-17 down from SAR 42.9 million in Q1-16, according to a bourse filing on Wednesday.

The company attributed the decrease in net profits to lower selling volumes and prices, and higher competition.

Total sales retreated 44.92% to SAR 127.3 million in Q1 compared to SAR 231.14 million in the year-ago period.