‎“Saudi Cement” profits up to SR 399 mln during 2022, by 20%‎

The net profit after zakat and tax for the Saudi Cement Company grew to 399 million riyals during the year 2022 AD, compared to 332 million riyals in the year 2021 AD, at a rate of 20%. This came after today’s announcement of the annual financial results ending on 12-31-2022 .

The operational profit amounted to 404 million riyals during the year ending in 2022, compared to 344 million riyals in the previous year, an increase of 17%.

As for gross profit, it amounted to 569 million riyals in the current year, compared to 530 million riyals in the previous year, an increase of 7%.

Earnings per share in the current year reached 2.61 riyals, compared to 2.17 riyals in the previous year.

The reason for the increase in the net profit during the current year compared to the previous year is due to the increase in sales revenue due to the increase in the average selling price despite the decrease in the amount of sales, as well as due to the decrease in selling and distribution expenses, the decrease in zakat expense and the increase in the company’s share in the investment profit in an associate company, on the basis of Despite the high financing costs and the high general and administrative expenses.

The company said that some comparative numbers have been reclassified to conform to the presentation of the current year’s figures.