Najran Cement reports 24% fall in revenue in 1Q22

Najran Cement Co has recorded a 61.41 per cent YoY decline in net profit in the opening quarter of 2022. Net profit after zakat and tax came in at SAR23.28m (US$6.21m) in the 1Q22, compared to SAR60.34m in the same period a year earlier. Earnings per share in the first quarter of 2022 were SAR0.14, versus SAR0.35 in the same quarter a year earlier.  

According to Mubasher, revenue over the 1Q22 stood at SAR139.86m, down 24.2 per cent from the SAR184.43m reported in the opening quarter of 2021.  

However, revenue was up 0.1 per cent compared to the SAR139.65m seen in the 4Q21, although net profit still declined by 35.4 per cent from SAR36.02m over the same period. For 2021 as a whole, Najran reported net profit after zakat and tax of SAR165.54m, down 17.6 per cent in the previous year.