Southern Province Cement's profits fall 48.5% in Q1-22 initial results

Riyadh –  Southern Province Cement Company has achieved net profits after Zakat and tax worth SAR 87 million in the first quarter (Q1) of 2022, down 48.52% from SAR 169 million in Q1-21.

Revenues plunged by 24.82% to SAR 330 million in Q1-22, compared to SAR 439 million in Q1-21, according to a bourse filing.

Earnings per share (EPS) declined to SAR 0.62 in the January-March 2022 period from SAR 1.21 during the same period a year earlier.

On a quarterly basis, the revenues in Q1-22 inched up by 0.60% from SAR 328 million in Q4-21, while the net profits slipped by 1.13% from SAR 88 million.

In 2021, the Saudi listed firm posted net profits after Zakat and tax worth SAR 450 million, an annual drop of 26.10% from SAR 609 million.

Source: Mubasher

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