Riyadh –  The net profits after Zakat and tax of City Cement Company hit SAR 56.30 million in the first nine months (9M) of 2023, down 16.29% from SAR 67.25 million in 9M-22.

Revenues declined by 13.68% to SAR 256.72 million in 9M-23 from SAR 297.42 million in the same period a year earlier, according to the interim income statements.

The earnings per share (EPS) stood at SAR 0.40 as of 30 September 2023, marking a year-on-year (YoY) drop from SAR 0.48.

Financial Results for Q3-23

During the third quarter (Q3) of 2023, the Tadawul-listed firm posted an 82.51% YoY plunge in net profit after Zakat and tax to SAR 4.41 million, versus SAR 25.26 million.

The company generated revenues amounting to SAR 70.68 million during July-September 2023, an annual decrease of 29.37% from SAR 100.08 million.

On a quarterly basis, the Q3-23 profits retreated by 81.81% from SAR 24.29 million in April-June 2023, while the revenues shrank by 9.14% from SAR 77.79 million.

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