Saudi: Northern Region Cement declares $30mln profits in 2022, key appointments

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Riyadh – The net profits after Zakat and tax of Northern Region Cement Company hit SAR 112.45 million in 2022, up 5.41% year-on-year (YoY) from SAR 106.67 million.

Revenues increased by 9.97% to SAR 617.95 million last year from SAR 561.91 million in 2021, according to the annual financial results.

Furthermore, the earnings per share (EPS) stood at SAR 0.62 as of 31 December 2022, higher than SAR 0.59 a year earlier.

Key Appointments

Northern Region Cement announced Sulaiman Salim Al Harbi and Faisal Hamad Al Sugair as the new Chairman and Vice Chairman of the board, respectively, for the coming three years.

Meanwhile, the board also named Saud Saad Al Arifi as the company’s Managing Director.

The three officials assumed their roles for a new board term that commenced on 16 March 2023 and will remain in position until 15 March 2026.

During the first nine months (9M) of 2022, the Saudi firm posted a 6.27% YoY rise in net profit after Zakat and tax to SAR 75.72 million, compared to SAR 71.26 million.