City Cement reports profit decline to SR17 mln in 1Q

City Cement Co. announced that its profits after zakat and tax declined 74% to SR 17 million in the first quarter of 2022 compared to 66 million during the same period of 2021.

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

The company’s operational profit fell 74% to SR 18 million in the 1^st quarter of the current year from SR 67 million in the same period of the previous year.

Gross profit of City Cement plunged 65% to SR 26 million in the first quarter of this year from SR 76 million a year ago, while the profit per share slipped to SR 0.12 from SR 0.47.

Lower profits were mainly driven by:

The decrease in sales value, quantity and average selling price, despite the decrease in general and administrative expenses.

The reason for increase in net profit during the current quarter compared to the last quarter due to:

the increase in sales value and quantity.