Northern Cement profits down 26.7% to SR23.3mln in 1Q

Northern Region Cement Co. announced that its profits after zakat and tax declined 26.7% to SR 23.3 million in the first quarter of 2022 compared to SR 31.8 million during the same period of 2021.

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

The company’s operational profit slid 18.3% to SR 29.7 million in the 1^st quarter of the current year from SR 36.4 million in the same period of the previous year.

Gross profit of Northern Cement rose 7% to SR 57.6 million in the first quarter of this year from SR 53.8 million a year ago, while the profit per share (EPS) slipped to SR 0.13 from SR 0.18.

Total shareholders’ equity (after deducting minority equity) grew 2.2% to SR 2.23 billion from SR 2.18 billion.

The lower profits were due to lower volume and value of sales revenue.

The decrease of the net profit for Q1 2022 vs. previous year driven by lower net profit for the subsidiaries companies in Jordan and Iraq.