RIYADH: Saudi Arabia’s Umm Al-Qura Cement Co. has reported a 33 percent decline in profit for 2021 as its revenue fell.
The Saudi-listed firm’s net profit dropped to SR78 million ($20 million) from SR117 million a year earlier, according to a bourse filing.
Along with the profit drop, the cement producer saw its annual revenue fall from SR333 million to SR278 million year-on-year.
This resulted from an increase in marketing and selling expenses that ultimately led to decreased sales.
Even as profit dropped, Umm Al-Qura Cement Co.’s board proposed a half-year dividend payout of SR0.25 per share.
