Saudi cement companies post $237.9mln net profit in Q1 2021

Net profits were 15% lower than a year ago

  
A screen displaying stock market prices is seen at an investment bank in Riyadh in this file photo taken June 9, 2013. Image used for illustrative purpose

A screen displaying stock market prices is seen at an investment bank in Riyadh in this file photo taken June 9, 2013. Image used for illustrative purpose

REUTERS/Faisal Al Nasser/Files
 
RIYADH: Saudi cement companies listed in the main market during the first quarter of this year 2021 achieved net profits of SR892.5 million ($237.9 million), compared to about SR1.05 billion for the same period last year, recording about 15 percent decline.

Four companies recorded record growth, while the remaining 10 saw a decline, Al Eqtisadiah reported citing Saudi financial market data.

Najran Cement recorded the highest growth in net profit with 51.4 percent, while Arabian Cement Co. achieved 48.6 percent growth, followed by Al Jouf Cement, up 15.4 percent.

Tabuk Cement posted the biggest decline in net profit, decreasing by 75.6 percent to SR7.1 million.

Cement companies’ revenues decreased 1.5 percent during the first quarter of this year to SR2.94 billion, compared to about SR2.98 billion for the same period in 2020. Revenues grew by 2 percent compared with the previous quarter.

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