Riyadh – Mubasher: Najran Cement Company on Sunday has announced turning to loss during the first quarter of 2018, against posting profits in the same period a year earlier.

Najran Cement’s net losses reached SAR 10.18 million in the three-month period ended March 2018, against a net profit of SAR 11.2 million during Q1-17, according to a bourse filing.

The firm attributed the negative turn in its financials to lower sales volumes after cement demand decreased, in addition to a fierce competition in the market.

The Tadawul-listed cement producer also ascribed swinging to loss to a growth in production costs, as well as a rise in Zakat provision.

Net revenues tumbled 13% to SAR 97 million in the first three month of 2018, down from SAR 111 million during the corresponding period in the year before.

Earnings before interest, taxes, zakat, depreciation, and amortization (EBITDA) decreased 47% to SAR 25 million in Q1-18, compared to SAR 47 in Q1-17, the statement added.

Quarter-on-quarter, losses decreased by 13.7%, the Saudi cement producer noted.

Najran Cement Company’s stock inched down 0.11% to close Sunday at SAR 9.10.