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Northern Region Cement posts 75% profit drop in 2018

Northern Region Cement posts 75% profit drop in 2018
The 2018 net profit decline was ascribed to strong competition inside the Saudi and Jordanian markets
NORTHERN CEMENT
3004
-1.87% 9.99 -0.19

Riyadh – Mubasher: Northern Region Cement Company on Wednesday reported a 75.3% year-on-year profit drop in 2018.

The Saudi cement firm’s net profits retreated to SAR 13.09 million ($3.49 million) last year, compared to SAR 52.95 million ($14.12 million) in 2017, according to data published on the Saudi Stock Exchange (Tadawul).

The 2018 net profit decline was ascribed to strong competition inside the Saudi and Jordanian markets which led to lowering sales prices.

Northern Region Cement’s profits declined to SAR 13.33 million in the fourth quarter of 2018, against SAR 15.41 million in the corresponding period a year earlier, according to statistics conducted by Mubasher.

The company’s board of directors recommended not to distribute cash dividends for the fiscal year ended 31 December 2018 in a bid to support the company’s growth.

Northern Region Cement Company reported a 60.4% year-on-year decline in net profits to SAR 4.99 million in Q3-18, from SAR 12.6 million in Q3-17.

By 01:54 pm Saudi time, the Saudi cement firm’s stock fell 0.56% to SAR 8.84.