Northern Region Cement’s profits shrink 26.5% in Q1-22 initial financials

Riyadh – Northern Region Cement Company has reported a 26.72% year-on-year (YoY) plunge in net profit after Zakat and tax to SAR 23.34 million in the first quarter (Q1) of 2022, versus SAR 31.86 million.

During the January-March 2022 period, revenues stood at SAR 133.26 million, down 17.67% from SAR 161.87 million in Q1-21, according to a recent bourse filing.

Moreover, the earnings per share (EPS) declined to SAR 0.13 in Q1-22 from SAR 0.18 in Q1-21.

On a quarterly basis, the revenues in Q1-22 rose by 5.24% from SAR 126.61 million in Q4-21, while the net profits fell by 34.07% from SAR 35.41 million.

In 2021, the Saudi listed company recorded net profits after Zakat and tax worth SAR 106.67 million, an annual decrease of 1.43% from SAR 108.22 million.

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