JEDDAH: Saudi Cement Co. posted a 16 percent drop in first-quarter net profit due to sagging local demand and losses from an associate company.

The firm made a profit of SR286 million in the three months to March 31, down from SR340 million in the corresponding period of 2013, according to a statement to Saudi Arabia’s bourse.

Saudi Cement said it also had exposure to an associated company’s loss after the unit took an impairment of some of its assets.