Saudi Arabian producers report 15% decline in net profit

Saudi Arabian producers listed in the main market saw an estimated 15 per cent decline in total net profits to SAR892.5m (US$237.9m) in the first quarter of 2021, compared to around SAR1.05bn in the year-ago period, according to Al Eqtisadiah.

Four companies reported growth during the quarter, while the remaining 10 saw a decline. Najran Cement recorded the highest growth in net profit at 51.4 per cent, followed by Arabian Cement Co (+48.6 per cent) and Al Jouf Cement (+15.4 per cent). However, Tabuk Cement saw the biggest decline in net profit, decreasing by 75.6 per cent to SAR7.1m.

Revenues also decreased 1.5 per cent YoY to SAR2.94bn from SAR2.29bn.