Riyadh – Saudi Cement Company recorded net profits after Zakat and tax worth SAR 264.5 million during the first nine months of 2021, lower by 20% than SAR 331.8 million in the same period last year.

Earnings per share decreased to SAR 1.73 at the end of September 2021 from SAR 2.17 in the same period a year earlier, according to the initial financial results on Tuesday.

Sales declined by 4.6% year-on-year (YoY) to SAR 1.08 billion in the nine-month period this year from SAR 1.13 billion.

In the third quarter (Q3) of 2021, Saudi Cement posted a 45% YoY drop in net profits to SAR 58.7 million from SAR 107.6 million. The net profits were also lower by 32% from SAR 86.4 million in Q2-21.

Revenues decreased by 21% to SAR 304.9 million in Q3-21 from SAR 386.8 million in Q3-20, and by 12.4% from SAR 348.1 million in Q2-21.

Source: Mubasher

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