Umm Al Qura Cement and City Cement see fall in profit

Saudi-Arabia-based Umm Al Qura Cement Co reported net profits of SAR1.44m (US$0.38m), representing a 76.4 per cent drop YoY from SAR6.12m in the third quarter of 2023. Revenues decreased by 38.2 per cent YoY to SAR33.51m from SAR54.2m in the 3Q23.

In the first nine months of 2023 the company posted net profits of SAR10.05m, down 65.7 per cent YoY from SAR29.3m. Revenues fell by 33.9 per cent to SAR118.5m in the 9M23 from SAR179.29m in the 9M22.

Meanwhile, City Cement Co saw its net profit after zakat and tax fall to SAR4.4m in the 3Q23 from SAR25.3m in the 3Q22. Third-quarter 2023 sales declined by 30 per cent to SAR70.7m from SAR100.1m in 3Q22 as both volumes and values were down.