Riyadh – Mubasher: Hail Cement Company on Sunday announced that its net profits decreased by 90.09% year-on-year in the second quarter of 2017.

Quarter-on-quarter, net profits slid 67.87%, according to a statement to the Saudi Stock Exchange (Tadawul).

Net profits fell to SAR 2.66 million in Q2-17, from SAR 26.8 million in Q2-16.

The Tadawul-listed company’s sales tumbled 57.17% to reach SAR 32.16 million in Q2-17, compared to SAR 75 million in the corresponding quarter in the year before.

The Saudi cement firm attributed the year-on-year decline in net profits to lower demand, tough competition, and declining prices.

Hail Cement Company’s profits levelled down 81.5% in the first six months of 2017 to SAR 10.9 million, from SAR 59.13 million in H1-16.

Total sales retreated 53.45% reaching SAR 76.6 million in H1-17, compared to SAR 164.55 million in the same period in the year earlier.

Hail Cement Company’s stock shed 0.32% to SAR 9.48 on Sunday.