Arab News, Saturday, May 14, 2022 | Shawwal 13, 1443
Saudi Southern Cement’s profits drop 49% in Q1 on lower sales revenue
Saudi Arabia: Southern Province
Cement Co. reported a decline in profit of 49 percent in the first quarter, due
to lower sales revenue.
The Saudi-listed company earned a net profit of
SR87 million ($23.2 million), down from SR169 million in the same period a year
earlier, according to a bourse filing.
The decline was mainly due to a fall in sales
revenue resulting from a decrease in sales volume and an increase in general and
administrative expenses.
The company's revenue stood at SR330 million, down
25 percent compared to the same period last year.