Eastern Province Cement’s half-year profit down 41% on lower sales

RIYADH: Eastern Province Cement Co. has posted a 41 percent profit drop for the first half of 2022, dragged down by lower sales.

The Saudi-listed cement producer’s profit went down to SR72 million ($19 million) from SR122 million in the same period a year earlier, a bourse filing revealed.

The profit drop was mainly driven by a decline in cement sales, higher selling and other expenses, and a decrease in the share of profit of associates.

Total sales fell by 17 percent on the year to SR357 million, compared to SR429 million in the first half of 2021.