Riyadh – Qassim Cement Company reported net profits after Zakat and tax worth SAR 54.04 million during the first half (H1) of 2022, an annual decline of 73.12% when compared to SAR 201.04 million.
Earnings per share (EPS) during the six-month period ended 30 June 2022 went down to SAR 0.6, compared to SAR 2.23 in the year-ago period, according to a bourse statement on Tuesday.
Likewise, the company’s revenue shrank by 30.04% year-on-year (YoY) to SAR 294.62 million in H1-22 from SAR 421.15 million.
During this year’s second quarter (Q2), Qassim Cement’s net profits after Zakat and tax fell by 71.09% YoY to SAR 28.95 million, whilst revenues dropped by 23.09% YoY to SAR 152.13 million.
The annual decrease in earnings during Q2-22 is attributed to lower sales volume and value, coupled with higher sales cost, the company said.
In Q1-22, Qassim Cement registered net profits after Zakat and tax worth SAR 25.08 million, down 75.13% from SAR 100.87 million in Q1-21.
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