Riyadh – Mubasher: Eastern Province Cement on Tuesday said that its net profits slid 25.5% year-on-year in the second quarter of 2017.

The cement firm’s net profits stood at SAR 35 million in Q2-17, compared to SAR 47 million in Q2-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, net profits retreated 30%.

The Tadawul-listed company attributed the decrease in its year-on-year net profits to lower volume and value of cement sales due to a drop of demand in the domestic market.

Sales tumbled 23.5% to SAR 159 million in Q2-17, from SAR 208 million in the same period in the year before.

At the level of the first six months of 2017 net profits levelled down 35.8% to reach SAR 86 million, compared to SAR 134 million in H1-16.

Sales declined 20.1% to SAR 362 million in H1-17, from SAR 453 million in the corresponding period in the year earlier.

Eastern Province Cement’s stock remained stable, closing at SAR 23.40 on Tuesday.