RIYADH: Saudi Arabia’s City Cement Co. has reported a 27 percent decline in profit for 2021.
The cement producer’s net profit went down to SR160 million ($42 million) from SR220 million a year earlier, according to a bourse filing.
Along with the profit drop, the Saudi-listed firm saw its annual revenue fall from SR572 million to SR496 million year-on-year.
This came as lower prices dragged down sales in addition to an increase in Zakat provision.
In spite of the lowered profit, City Cement has recommended that its board propose dividends of SR0.5 per share in the second half of 2021.
