Al Jouf Cement sees profits tumble 92% in 1H22

Saudi Arabia’s Al Jouf Cement Co has reported a 19.2 per cent YoY fall in revenue to SAR98.29m (US$26.2m) in the first half of 2022. Net profit after zakat and tax tumbled 92 per cent over the same period to SAR1.82m, compared to SAR25.7m in the 1H21. According to the company, the fall in profit was due to lower sales volumes along with reduced domestic selling prices. 

The second quarter of 2022 saw a 7.9 per cent YoY decline in revenue to SAR49.48m. Net profit after zakat and tax fell from SAR7.69m in the 2Q21 to SAR1.73m in the same period a year later.