RIYADH: Saudi Arabia’s Hail Cement Co. has reported losses of SR6.9 million ($1.8 million) in the first quarter of 2022 after it witnessed a drop in sales.
The cement producer had made profits of SR25.9 million in the same period last year, but a 16-percent decline in sales weighed on the current year’s results, a bourse filing showed.
The company’s revenue went down from SR82 million to SR69 million year-on-year.
Hail Cement also attributed the results to an increase in expenses, which led to operating losses of SR7.36 million during the quarter.
