Riyadh – Mubasher: Najran Cement on Thursday reported a net profit drop of 72.55% year-on-year for the fourth quarter of 2016.
The cement company posted a profit of SAR 14.76 million ($3.93 million) in Q4-16 compared to SAR 53.73 million ($14.33 million) in the year-ago period.
Najran attributed its year-on-year profit decline to lower sales volumes on the back of slowing construction activity, added to higher energy prices, according to a bourse filing.
The Saudi-listed company recorded profits of SAR 124.81 million in the twelve months of 2016 from SAR 255.62 million in the year-ago period, with a 51.2% decline.
