‎“South Cement” profits decreased to 19 million riyals during ‎Q2, by 68.8%‎

The Southern Region Cement Company recorded a net profit after zakat and tax of 19 million riyals during the second half, compared to 61 million riyals in the same quarter of last year, a decrease of 68.8%. This came after today’s announcement of the preliminary financial results for the period ending on June 30, 2023 (6 months).

Operational profit amounted to 23 million riyals during the second quarter, compared to 43 million riyals in the same quarter of last year, a decrease of 46.5%.

While the total profit amounted to 37 million riyals during the second quarter, compared to 56 million riyals in the same quarter of last year, a decrease of 34%.

The net profit after zakat and tax in the current period amounted to 68 million riyals, compared to 150 million riyals in the same period last year.

Earnings per share reached 0.49 riyals in the current period, compared to 1.07 riyals in the same period last year.

The decrease in net profit for the current quarter compared to the same quarter of the previous year is due to:

Decreased sales revenue due to lower demand and lower selling price.

The decrease in net profit for the current quarter compared to the previous quarter is due to:

Decreased sales revenue due to lower demand and lower selling price.

The decrease in net profit for the current period compared to the same period of the previous year is due to:

Decreased sales revenue due to lower domestic demand and lower selling price with higher cost of revenue.