Riyadh – Mubasher: Al Jouf Cement Company on Thursday announced that the company turned to losses for the third quarter of 2018, while quarter-on-quarter losses increased 38%.

Net losses amounted to SAR 18.9 million in Q3-18, against profits of SAR 5.8 million in Q3-17, according to a filing to the Saudi Stock Exchange (Tadawul).

The firm attributed the suffered losses to a drop in sales due to low demand and high competition, in addition to a fall in revenues over the quarter.

For the first half of 2018, Al Jouf Cement’s net losses registered SAR 28.5 million, versus net profits of SAR 32.7 million in the same period of the prior year.

It is worth mentioning that Al Jouf Cement had also turned to losses in H1-18 with SAR 9.6 million against profits of SAR 26.8 million in H1-17.

By the end of Thursday’s session, Al Jouf Cement’s stock fell 3.25% at SAR 8.05.