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RIYADH: Shares in Saudi cement firm Yamama Cement Co. fell in early trading Tuesday after the company reported a drop in quarterly profits.
As of 11:13 a.m. Saudi Time, the company's shares dipped 2.61 percent to SR33.60 ($8.96) from SR34.50 the previous day.
It reported a 46-percent drop in profit in the first quarter of 2022 as lower sales volumes weighed on profit.
The cement maker’s first-quarter net profit dropped to SR29 million ($7.7 million) this year from SR54 million recorded in the first quarter of 2021, according to a bourse filing.
The firm attributed the decrease in profit to lower sales volumes and an increase in selling and marketing expenses.