Riyadh – Mubasher: Najran Cement Company on Tuesday turned to losses in the third quarter of 2017, against achieving profits in the year-ago period.

The firm’s net losses stood at SAR 17.06 million in Q3-17, against net profits of SAR 15.62 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, losses jumped 303.88%.

The Saudi cement company attributed turning to losses in Q3-17 to lower average of sales prices, the decrease in sales volume due to fierce competition in the Kingdom's cement market, and the drop in other revenues.

At the level of the first nine months of 2017, Najran Cement turned to losses after losing SAR 10.07 million, against SAR 110.83 net profits in the corresponding period in 2016.

By 2:33 pm KSA time, the stock decreased 1.62% to reach SAR 8.51.