Najran Cement reports 50% drop in profit in 9M22

Najran Cement has recorded revenue of SAR375.6m (US$100.2m) in the opening nine months of 2022, down 15 per cent compared to the SAR441.89m seen in the 9M21. Net profit after Zakat and tax declined by 50.26 per cent from SAR129.51m in the 9M21 to SAR64.42m in the same period a year later. Earnings per share in the 9M22 came in at SAR0.38 versus SAR0.76 in the same period a year earlier.

In the third quarter of 2022, revenue advanced by 1.43 per cent YoY to SAR127.68m, compared to SAR125.88m in the 3Q21. Net profit after Zakat and tax over the same timeframe fell by 22.7 per cent from SAR36.06m to SAR27.87m. Compared to the 2Q22, revenue improved by 18.17 per cent from SAR108.05m, while net profit advanced by 110.27 per cent from SAR13.25m.

In the first half of 2022, the company reported a 60.9 per cent drop in net profit from SAR93.45m in the 1H21 to SAR36.54m a year later.