City Cement Co of Saudi Arabia has recently uploaded its annual financial results for the period ending on 31 December 2023 at the Saudi Exchange. During this period, the company’s net profit fell by 28.70 per cent to SAR82m (US$21.86m) from SAR115m earned in the same 12-months last year. A cursory look at the financial results tells that company sales shrunk by 17.36 per cent, which has caused the decline in profit YoY. The sales revenue was SAR356m against SAR431m of the previous financial year.
The company’s bourse filing adds, “The main reason for the decrease in revenue during this year compared to the previous year was the decrease in sales quantity”.
City Cement Company is engaged in producing and selling all types of cement. According to Saudi Exchange, the Murat factory is located 135km from Riyadh, with 10,500tpd and a cement grinding capacity 16,000tpd.
