City Cement 2021 profit down 27%

City Cement Co. announced that its profits after zakat and tax declined 27% to SR 160 million in 2021 from SR 220.5 million during the same period of 2020.

According to its financial result statement published on Tadawul, operational profit of City Cement dropped 21% to SR 174 million from SR 220 million a year earlier.

Moreover, gross profits in 2021 declined 19% to SR 208 million against SR 257 million in 2020, while profit per share (EPS) dropped to SR 1.14 from SR 1.22.

Lower profits were attributed to lower sales value, other income and increase in ZAKAT provision despite decrease in cost of sales and general and administrative expenses.