Wednesday, 24 April 2024

City Cement Profits decreased by 28% to SAR 115 million at the end of 2022

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The net profit of City Cement Co., after deducting Zakat and Tax, decreased to SAR 115 million during 2022, compared to SAR 160 million in the previous year with a percentage of 28%. This came after the Company announced its Annual Financial Results for the period ending on 12-31-2022 on Sunday.

The operational profit amounted to SAR 111 million during the year ending in 2022, compared to SAR 174 million in the previous year, a decline of 36%.

While profit per share in the current year amounted to SAR 0.82, compared to SAR 1.14 in the previous year.

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The company stated that the main reason for the decrease in net profit during this year compared to the previous year is: the decrease in the value and quantity of sales.

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