Riyadh – Mubasher: The net profits of Southern Province Cement Company plunged by 35.22% year-on-year (YoY) to SAR 195 million in 2023 from SAR 301 million.

The revenues witnessed an annual drop of 12.44% to SAR 1.07 billion during the January-December 2023 period, compared to SAR 1.22 billion, according to the financial results.

Meanwhile, the earnings per share (EPS) plummeted to SAR 1.40 last year from SAR 2.15 in 2022.

As of 30 September 2023, Southern Province Cement posted 49.16% YoY lower net profits after Zakat and tax at SAR 121 million, compared to SAR 238 million.

Last month, the company raised the costs of fuel prices used in production by 12.50%.