City Cement revenue falls 13% YoY in 2Q23

Saudi Arabia’s City Cement has posted revenue of SAR77.8m in the second quarter of 2023, down 13 per cent YoY. Net income over the same period fell 2.2 per cent to SAR24.3m, while the profit margin came in at 31 per cent, up from the 28 per cent seen in the second quarter of 2022. The increase in margin was reportedly driven by lower expenses. Earnings per share in the 2Q23 stood at SAR0.17, down slightly from SAR0.18 in the 2Q22.

According to the company, revenue is expected to advance by 16 per cent per year over the next three years, compared to a forecast of 9.8 per cent growth for the basic materials industry in Saudi Arabia.