Riyadh – Mubasher: Southern Province Cement Company’s net profits after Zakat and tax plunged by 41.63% to SAR 150 million in the first half (H1) of 2022, compared to SAR 257 million in H1-21.

The revenues amounted to SAR 564 million in H1-22, an annual drop of 22.42% from SAR 727 million, according to the interim financial results on Tuesday.

Additionally, the earnings per share (EPS) stood at SAR 1.07 in the first six months (6M) of 2022, lower than SAR 1.83 during the same period a year earlier.

During the second quarter (Q2) of 2022, the Saudi listed firm registered SAR 61 million in net profit after Zakat and tax, down 29.89% from SAR 87 million in Q2-21.

Meanwhile, the company’s revenues plummeted by 18.47% to SAR 234 million in Q2-22, versus SAR 287 million in the year-ago period.

In January-March 2022, Southern Province Cement generated net profits after Zakat and tax of SAR 87 million, a 48.52% year-on-year (YoY) plunge from SAR 169 million.