Riyadh – Mubasher: Najran Cement Company on Thursday reported a 39% year-on-year increase in its net losses after calculating Zakat and Tax during the third quarter of 2018, reaching SAR 23.7 million ($6.32 million), compared to SAR 17.06 million ($4.55 million).

The firm attributed the third-quarter loss growth to a decrease in the average selling prices resulted from lower demand, according to a statement to the Saudi Stock Exchange (Tadawul).

Revenues fell 8.9% to SAR 53.84 million from July to September 2018, compared to SAR 59.11 million in the same period last year.

Quarter-on-quarter, the Saudi cement producer’s losses fell 25.23% in the quarter ended September, from SAR 31.73 million.

During the first nine months of 2018, Najran Cement suffered a 552% increase in losses, reaching SAR 65.63 million, compared to SAR 10.07 million in the corresponding period a year before.

By 10:35 am Saudi time, Najran Cement’s stock inched up 0.50% to SAR 7.99.