Hail Cement's posts net profits of SAR24.5m

In the 1H23 Hail Cement recovered net profits after zakat and tax valued at SAR24.48m (US$6.53m), compared to net losses of SAR13.72m during the same period a year earlier. Revenues plummeted by 26.3 per cent YoY to SAR121.63m in the 1H23 from SAR164.93m in the 1H22.

During the first three months of 2023, the company also turned profitable at SAR5.97m, versus net losses after zakat and tax worth SAR6.82m in the year-ago period.The revenues reached SAR59.78m during April-June 2023, lower by 37.9 per cent YoY than SAR96.31m.

On a quarterly basis, the 2Q23 profits dropped by 67.7 per cent from SAR18.51m as of 31 March 2023, while the revenues declined by 3.3 per cent from SAR61.85m.