Arabian Cement sees 80% fall in 2Q net profit

Arabian Cement Co reported a net profit of SAR7.6 (US$2) m in the 2Q20, down 79.6 per cent YoY. In the 2Q19 net profit reached SAR37.3m.

Revenue declined by 15.2 per cent YoY to SAR139.6m in the 2Q20 from SAR164.6m in the equivalent period of the previous year.

The company attributes the fall in net profits to a decrease in sales values and volumes at its subsidiary in Jordan, which was affected by closure due to the COVID-19 pandemic. In addition, Arabian Cement’s sales, general, administrative and marketing costs increased.