Saudi Cement profits slide 49% to SR61mln in 1Q

Saudi Cement Co. announced that its profits after zakat and tax slipped 49% to SR 61 million during the first quarter of the year 2022 compared to SR 119 million during the same period of 2021.

This came after Saudi Cement announcement on Tuesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The operational profits of the company declined 52% to SR 60 million in 1Q against SR 125 million in the same period of the year ago.

Moreover, Saudi Cement’s gross profit fell 42% to SR 1001 million in the first quarter this year from SR 174 million, while profit per share declined to SR 0.4 from SR 0.78.

The decrease of current quarter’s net profit compared with same quarter of last year is attributed to the decrease in quantities and value of sales and the increase in the general and administrative expenses, in spite of the increase in share in net results of associates, increase in other income, decrease in selling and distribution expenses, decrease in finance charges and the decrease in zakat.

The decrease of current quarter’s net profit compared with previous quarter is attributed to the decrease in quantities and value of sales, increase in the general and administrative expenses and the decrease in other income, in spite of the increase in share in net results of associates, decrease in selling and distribution expenses, decrease in finance charges and the decrease in zakat.