The preliminary financial results of Al Jouf Cement Company, released on Thursday, showed turning to losses during the third quarter that ended September 30, 2018.
The company reported a net loss of SAR 18.9 million, compared to a net profit of SAR 5.8 million in the corresponding quarter of 2017.
The cement producer posted a net operating loss of SAR 16.1 million, compared to a net operating profit of SAR 5.2 million in the year-ago period.
The company attributed the third-quarter loss to a decrease in sales and average selling price due to lower demand and fierce competition, as well as a fall in other revenues despite lower financing expenses.
Revenue fell to SAR 25.8 million in the third quarter, compared to revenues of SAR 53.1 million in the corresponding quarter of 2017.
Meanwhile, financial results for the first nine months of 2018 showed a loss of SAR 28.5 million, compared to a net profit of SAR 32.7 million in the same period in 2017.
The company earlier recorded a net loss of SAR 9.6 million in the first half of 2018, compared to a net profit of SAR 26.8 million in the second half of 2017.