Riyadh – Mubasher: Al Jouf Cement on Thursday announced a 53.7% decrease in its net profits year-on-year in the second quarter of 2017.

Net profits fell to SAR 10.52 million in Q2-17, from SAR 22.74 million in Q2-16, according to statements to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits tumbled 35.4%.

The Tadawul-listed firm attributed the decline in its year-on-year net profits to drop in sales’ volume and the decrease in other revenues.

Sales went down 31.4% to reach SAR 62.4 million in Q2-17, from SAR 90.8 million in the year-ago period.

In the first half of 2017 net profits retreated 43.5% reaching SAR 26.81 million, compared to SAR 47.46 million in H1-16.

Sales slid 21.5% to SAR 142.6 million in H1-17, from SAR 181.6 million in the corresponding period in the year earlier.

The stock edged up 0.28%, closing at SAR 7.11 on Thursday.