Najran Cement profits down 61.4% to SR23.3 mln in 1Q

Najran Cement Company announced that its profits after zakat and tax declined 61.4% to SR 23.3 million in the first quarter of 2022 compared to 60.3 million during the same period of 2021.

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

The company’s operational profit fell 58.8% to SR 26 million in the 1^st quarter of the current year from SR 63.5 million in the same period of the previous year.

Gross profit of Najran Cement slid 49% to SR 38.3 million in the first quarter of this year from SR 75.4 million a year ago, while the profit per share slipped to SR 0.14 from SR 0.35.

The decrease in net profit for current quarter compared to same quarter of the previous year is attributable to a decline in sales and an increase in the cost of production inputs.

The decrease in net profit for current quarter compared to the previous quarter mainly due to an increase in the cost of production inputs despite the decrease in G&A expenses and recording other expenses during previous quarter.