Najran Cement’s profits shrink 61% in H1-22 interim financials

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Riyadh – Najran Cement Company’s net profits after Zakat and tax plummeted by 60.90% during the first half (H1) of 2022 to SAR 36.54 million, compared to SAR 93.45 million in H1-21.

Revenues plunged by 21.55% year-on-year (YoY) to SAR 247.91 million in H1-22, compared to SAR 316 million, according to the interim financial results.

Furthermore, the earnings per share (EPS) stood at SAR 0.19 during the first six months (6M) of 2022, lower than SAR 0.55 in the year-ago period.

During the second quarter (Q2) of 2022, the Saudi company generated SAR 13.25 million in net profit after Zakat and tax, an annual drop of 59.47% from SAR 32.71 million.

Meanwhile, the revenues amounted to SAR 108.05 million in Q2-22, down 17.88% from SAR 131.57 million during the corresponding period a year earlier.

In the January-March 2022 period, Najran Cement recorded net profits after Zakat and tax worth SAR 23.28 million, lower by 61.41% than SAR 60.34 million in Q1-21.