Riyadh – Mubasher: Southern Province Cement Company registered an annual decline of 15% in net profits after Zakat and tax to SAR 270 million during the first half (H1) of 2021 from SAR 318 million in H1-20.

Earnings per share decreased to SAR 1.93 in H1-21 from SAR 2.27 in H1-20, according to the financial results on Wednesday.

Revenues also shrank by 8.7% to SAR 727 million in the January-June 2021 period from SAR 797 million in the same six months a year earlier.

As for the second quarter (Q2) of 2021, the cement company posted net profits worth SAR 95 million, down 29.6% from SAR 135 million in Q2-20.

Revenues also narrowed by 15.3% to SAR 278 million in Q2-21 from SAR 339 million in Q2-20.

On a quarterly basis, the net profits in Q2-21 were 45.7% lower than SAR 175 million in Q1-21, and the revenues fell by 34.6% from SAR 439 million.

Last July, the company announced the distribution of a cash dividend worth SAR 1.25 per share for H1-21.