RIYADH: Tabuk Cement Co. and Saudi Cement Co. experienced weak profitability in the first half of 2022, in line with declining profits in the Kingdom’s cement sector.
Tabuk Cement revealed that it turned in losses of SR4.43 million ($1.2 million) during the first half of 2022 as a result of an increase in sales costs, according to a bourse filing.
Despite lower profit, the cement producer Tabuk’s first-half revenues increased by 8 percent to SR136 million.
Meanwhile, profits of Saudi Cement Co. were down 20 percent to SR164 million during the first half of 2022, coupled with a 14.6 percent decline in sales and revenues for the six-month period.
The rise in general and administrative expenses as well as an increase in financial charges contributed to Saudi Cement’s profit, it said.
