Cement producer Al Jouf posts 74% slump in profit amid weak sales and prices

RIYADH: Saudi-based cement producer Al Jouf Cement Co. suffered a 74 percent decline in profits during the first nine months of 2022, due to a downward trend in cement prices and sales.

Al Jouf Cement Co., which is based in the northwest of the Kingdom, saw its profits reach SR8 million ($2 million), down from SR30 million in the prior-year period, its bourse filing shows.

This was accompanied by a 2 percent fall in revenues, from SR177 million in the previous period to SR172 million.

In the third quarter of 2022, profits increased 44 percent to reach SR6 million, compared to SR4 million in the same period last year.