05.05.2022

Saudi Cement: 1Q22 results

Saudi Cement Co. reported a 48.8 percent decline in profits during its first quarter, as lower sales took their toll. 

The cement producer's profit reached SR61 million ($16 million), down from SR119 million in the same period last year, according to a bourse filing. 

Along with the profit drop, the Dammam-based firm saw its revenue fall by 26.5 percent, from SR429 million to SR315 million. 

The decrease in net profits is attributed to a decline in quantities and value of sales, in addition to an increase in the general and administrative expenses. 

Region: Saudi Arabia
Source: Arab News
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