Two Saudi cement firms report declining 1H22 profits

Two cement companies have posted their interim financial results at the Saudi Stock Exchange (Tadawul) for the period ending on 30 June 2022, showing lesser earnings during this period. City Cement Co and Arabian Cement Co reported lower profits during the 1H22, continuing the trend of declining cement sector profits. 

The City Cement Co reported SAR42m (US$11.2m) in profit for the first half compared to SAR115.72m, down 63.71 per cent from the same period in 2021. Its revenues fell by 32.06 per cent to reach SAR197.33m from SAR290.45m during the period.

The Arabian Cement Co’s profits dropped by 13.53 per cent to SAR86.9m during the 1H2 from SAR100.5m, while revenues fell by 11.58 per cent during the period to reach SAR554.5m. Despite lower profit, Arabian Cement has recommended distributing SAR1.1 per share in dividends for the 1H22.