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Saudi Cement’s profits fall to SAR 164m in H1-22 initial results

Saudi Cement’s profits fall to SAR 164m in H1-22 initial results
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SAUDI CEMENT
3030
-7.29% 46.45 -3.65

Riyadh – Mubasher: Saudi Cement Company generated SAR 163.70 million in net profit after Zakat and tax during the first half (H1) of 2022, down 20.46% from SAR 205.80 million in H1-21.

The revenues plunged by 14.56% to SAR 664 million in the first six months (6M) of 2022, compared to SAR 777.20 million, according to the interim financial results.

Furthermore, the earnings per share (EPS) stood at SAR 1.07 in H1-22, lower than SAR 1.35 in H1-21.

During the second quarter (Q2) of 2022, the net profits after Zakat and tax surged by 18.63% year-on-year (YoY) to SAR 102.50 million from SAR 86.40 million.

Meanwhile, the Q2-22 revenues inched up by 0.26% YoY to SAR 349 million from SAR 348.10 million.

Last June, the listed company paid out cash dividends worth SAR 229.50 million, representing 15% of the capital, for H1-22.

In January-March 2022, Saudi Cement posted net profits after Zakat and tax of SAR 61.10 million, lower by 48.82% than SAR 119.40 million during the same period a year earlier.