Riyadh – Mubasher: City Cement posted a plunge of 80.74% in net profits during the second quarter of 2017 compared to the same period a year ago.

Net earnings shrank to SAR 12.36 million in Q2-17 from SAR 64.16 million in Q2-16, according to a bourse statement issued on Tuesday.

City Cement’s total sales decreased by 30.06% to SAR 117 million in Q2-17 from SAR 167.36 million in Q2-16.

During the first half of 2017, profits declined by 63.46% to reach SAR 50.23 million from SAR 137.47 million in the same period a year ago, according to the statement.

Total sales fell by 18.22% to SAR 284.34 million in H1-17 from SAR 347.72 million in H1-16.