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RIYADH: Saudi Yanbu Cement Co., a major cement producer in the Kingdom, reported a 47 percent decline in profits in the first quarter as lower selling prices took their toll.
The cement producer's profit reached SR38.9 million ($10.3 million), down from SR73.3 million in the same period last year, according to a bourse filing
Along with the profit drop, the Jeddah-based firm saw its quarterly revenue fall slightly from SR292 million to SR241 million.
This came as lower prices dragged down sales in addition to an increased cost of revenue, the listed firm said.
Despite lower profits, the company shares edged up 0.36 percent at SR42.10, as of 12 p.m. Saudi time.