Hail Cement returns to profit in 1Q23

Saudi Arabian cement producer Hail Cement Co saw revenue decline by 9.9 per cent YoY to SAR61.85m (US$16.5m) in January-March 2023 from SAR68.61m.

The company posted a profit of SAR18.51m in the 1Q23, an improved results when compared with net losses after zakat and tax of SAR-6.89m in the year-ago period. The company attributed the increased profitability to a reduction in costs of sales and zakat expenses.

The net profit after zakat and tax in the 1Q23 fell by 17.1 per cent QoQ to SAR16.41m in the 1Q23 from SAR22.31m.