RIYADH: Saudi Umm Al-Qura Cement Co.’s profits dropped by 55 percent during the first quarter of 2022 due to lower revenues.
The Saudi-listed cement producer saw its profit slip from SR31 million ($8.3 million) to SR13.9 million year-on-year, it said in a bourse filing.
Along with the profit drop, annual revenue fell from SR90 million to SR65.6 million.
Umm Al-Qura attributed the results to an increase in marketing and sales expenses that ultimately led to decreased sales.
