Lower revenues cause Saudi Cement profits down in 2021

Saudi Cement Co. recorded a decline of net profir after zakat and tax by 27% to SR 332 million in 2021 from SR 456 million a year earlier.

Operational profit dropped by 28% to SR 344 million in 2021 from SR 479 million, according to its financial result statement published on Tadawul.

The company added that gross profit reached SR 530 million in 2021, a decline of 20% from SR 666 million in 2020.

It reported a profit per share decrease to SR 2.17 from SR 2.98, along with this drop, Saudi Cement saw its revenues fall by 10% to SR 1.41 billion.

Lower net profit attributed to lower sale revenues as a result of price decrease in local market, in spite of higher sold quantities.