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RIYADH: Saudi-listed Yanbu Cement Co., one of the Kingdom’s largest cement producers, reported a profit decline of 25 percent for the first half of 2022, due to a drop in sales.
Net income went down to SR87 million ($23 million) from SR115 million in the same period a year earlier, according to a bourse filing.
Along with the profit drop, the Jeddah-based firm saw its revenue fall slightly from SR535 million to SR480 million year-on-year.
This came as lower sales value and quantity ate from profit in addition to an increase in general and administrative expenses, the cement producer said.