Riyadh – Mubasher: Southern Province Cement Company registered (South Cement) A decrease in net profit by 30% during the second quarter of 2022 on an annual basis, and it decreased on a quarterly basis by 31.5%.
According to the company’s financial data, issued on the Saudi Tadawul website today, Tuesday, the net profit following zakat and tax amounted to regarding 61 million riyals, compared to 87 million riyals in the second quarter of 2021.
The company attributed the decrease in its net profit to the decrease in sales revenues due to the low demand and the decrease in the selling price with the increase in the prices of production inputs.
The company’s revenues decreased by 18.5% in the second quarter of 2022 on an annual basis, to 234 million riyals, compared to 287 million riyals in the same quarter of last year.
As for the company’s profits during the first half of this year, it recorded a decline of 41.63%, to reach 150 million riyals, compared to 257 million riyals in the comparable half of last year.
For trading and investing in Gulf stock exchanges Press here
Recommendations:
“South Cement” shareholders approve the distribution of 1.25 riyals per share for the second half
