Riyadh – Riyadh Cement Company’s net profit after Zakat and tax shrank by 46.96% during the first half (H1) of 2022 to SAR 85.06 million, compared to SAR 160.38 million in the same period in 2021.

Profit per share reached SAR 0.71 in H1-22, compared with SAR 1.34 in H1-21, according to a stock exchange statement on Monday.

The Tadawul-listed firm ascribed the drop in H1-22 earnings to lower sales. The revenues stood at SAR 258.60 million in the January-June period in 2022, a drop of 35.58% when compared to SAR 401.43 million in the year-ago period.

In 2021, the company recorded net profits after Zakat and tax worth SAR 211.64 million, a 3.77% annual decline from SAR 219.95 million.

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