Riyadh – Mubasher: Saudi Arabia-based Najran Cement Company on Monday posted a 651.23% year-on-year increase in its net losses for the second quarter of 2018.

The firm’s net losses amounted to SAR 31.73 million during Q2-18, up from SAR 4.2 million during Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the firm's losses rose 211.8% during the period between April and June, from SAR 10.18 million.

The Saudi cement producer attributed the large increase in losses to a drop in average selling prices, coupled with a decline in sales volume due to lower demand and fierce competition, in addition to higher production and finance costs.

During the first six months of 2018, the firm's losses hit SAR 41.9 million, up from SAR 7 million during H1-17.

By 10:22 am Saudi time, the stock inched down 0.23%, reaching SAR 8.53.