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Al Jouf Cement turns to loss during Q2, H1

Al Jouf Cement turns to loss during Q2, H1
Al Jouf Cement incurred a net loss of SAR 13.7 million ($3.65 million) in Q2-18
JOUF CEMENT
3091
-0.70% 11.32 -0.08

Riyadh – Mubasher: Saudi Arabia-based Al Jouf Cement Company on Thursday reported swinging to loss during the second quarter of 2018, against posting profits in the year-ago period.

Al Jouf Cement incurred a net loss of SAR 13.7 million ($3.65 million) in Q2-18, against SAR 10.5 million ($2.80 million) in net profits during Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the firm also turned to loss between April and June, after generating a profit of SAR 4.1 million.

The cement provider attributed the second-quarter loss to a decrease in sales volume, lower average of selling prices and other revenues.

Sales fell 45.3% to SAR 27.2 million by the end of Q2-18, from SAR 62.4 million during the corresponding period a year earlier.

During the first six months of 2018, Al Jouf Cement also turned to loss after suffering SAR 9.6 million, against posting a profit of SAR 26.8 million in H1-17.

Sales levelled down 46.1%, reaching SAR 77 million during the period between January and June, compared to SAR 142.6 million during the corresponding six months last year.

The company’s stock inched down 0.64% to close Thursday’s trading session at SAR 9.34.