Riyadh- Mubasher: Southern Province Cement Company has posted a net profit after Zakat and tax worth SAR 83 million in the third quarter (Q3) of 2021, an annual decrease of 44.6% from SAR 150 million in Q3-20.

Revenues shrank by 33% to SAR 284 million in Q3-21 from SAR 426 million in Q3-20, according to the initial financial results.

On a quarterly basis, the net profits in Q3-21 were 12.6% lower than SAR 95 million in Q2-21, and the revenues declined by 1% from SAR 287 million.

During the first nine months of 2021, the cement company registered 24.5% lower net profits at SAR 353 million, compared to SAR 468 million in the same period last year.

Earnings per share stood at SAR 2.52 at the end of September 2021, down from SAR 3.34 in the same period a year earlier.

Sales decreased by 17% to SAR 1.01 billion in January-September 2021 from SAR 1.22 billion in the corresponding nine months in 2020.