Saudi Cement Company announced that profits for the first quarter of 2022 fell by 48.8% to 61.1 million riyals, compared to 119.4 million riyals in the same quarter of 2021.
On a quarterly basis, the company’s profits decreased 9.3% in the first quarter, compared to profits of 67.4 million riyals in the fourth quarter of 2021.
The company stated in a statement to “Saudi Tadawul” that the decline in profits is due to the decrease in the quantity and value of sales and the increase in general and administrative expenses.
The company added that this decrease occurred despite the increase in the company’s share in the net results of the associated companies, the increase in other revenues, the decrease in sales and marketing expenses, the decrease in financing expenses and the decrease in provision for zakat.
The company’s revenues decreased 26.5% in the first quarter to 315.1 million riyals, from 429.1 million riyals in the comparable period a year earlier.
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