RIYADH: Saudi Arabia’s Riyadh Cement Co. reported a 4 percent decline in profit in 2021, despite revenue growth.
The cement producer’s net profit went down to SR211 million ($56 million) from SR219 million a year earlier, according to a bourse filing.
Even though profits fell, the Saudi-listed company saw its annual revenue rise 13 percent from SR590 million to SR671 million year-on-year.
The firm attributed the result to the increase of general and administrative expenses as well as increased Zakat expenses.
