Saudi Arabia’s cement companies suffered from a 41.7 percent decline in profits in the third quarter of 2023 due to a sharp fall in sales, corporate figures have shown.
From around 551 million Saudi riyals ($147 million) in the third quarter of 2022, the net earnings of the Gulf Kingdom’s 14 cement firms dipped to nearly 321.3 million riyals ($85.7 million) in the third quarter of 2023, showed the figures, announced by the companies in bourse disclosure statements.
The reports showed 10 firms suffered from lower profits while two recorded higher earnings and two reported losses.
The reports showed the main reason for lower profits was a decline in their sales by around 35 percent to 2.16 billion riyals ($576 million) in the third quarter of 2023 from nearly 3.34 billion ($890 million) in the third quarter of 2022.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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