Southern Province Cement Co releases its 2023 financial results

Southern Province Cement Co, based in Saudi Arabia, has announced its financial results for the period ended 31 December 2023. The company recorded a drop in revenues of 12.4 per cent, from SAR1.2bn (US$320m) to SAR1.07bn over the year. Consequently, net profits plummeted 35.2 per cent from SAR301m to SAR195m. After tax and zakat, the company made SAR121m, which decreased by 49.2 per cent from SAR238m in 2022.

The significant decrease in profits (after tax and zakat) led to Southern Province Cement’s earnings per share falling from SAR2.15 to SAR1.40, a drop of 34.9 per cent. This reported drop comes after, the company raised the costs of fuel prices used in production by 12.5 per cent last month.

The company owns three production facilities in the Jazan, Assir and Makkah regions of Saudi Arabia, which have a combined capacity of 14.6Mta.