Riyadh Cement reports 47% profit fall in 1H22

Saudi-based Riyadh Cement has reported a 47 per cent YoY decline in profit to SAR85m (US$22.67m) in the opening six months of 2022.

Over the same period, the company saw its revenue contract by 35 per cent to SAR258m, reports Arab News. The fall is being blamed on lower cement sales.

According to the company, which operates an integrated plant in Muzahmiyah, it plans to pay SAR0.75/share in cash dividends in the 1H22.