Shares of Saudi cement producer Yamama rise despite lower profit in H1

RIYADH: Yamama Cement Co.’s shares rose 2.33 percent at the end of Tuesday’s trading session to SR28.5 ($7.6) despite reporting lower first-half profits.

The cement maker has reported a 9 percent decline in profit for the first half of 2022 as a result of lower sales.

The firm’s half-year net profit dropped to SR120 million ($32 million) from SR132 million in the same period last year, a bourse filing shows.

Along with a decline in sales, Yamama said that the increase in zakat provisions and selling expenses for the current period contributed to the drop in profit.