Saudi-listed Yanbu Cement’s profits down 25% on lower sales

The Jeddah-based firm saw its revenue fall slightly from SR535 million to SR480 million year-on-year (File)
Short Url
Updated 26 July 2022
Follow

Saudi-listed Yanbu Cement’s profits down 25% on lower sales

RIYADH: Saudi-listed Yanbu Cement Co., one of the Kingdom’s largest cement producers, reported a profit decline of 25 percent for the first half of 2022, due to a drop in sales.

Net income went down to SR87 million ($23 million) from SR115 million in the same period a year earlier, according to a bourse filing.

Along with the profit drop, the Jeddah-based firm saw its revenue fall slightly from SR535 million to SR480 million year-on-year.

This came as lower sales value and quantity ate from profit in addition to an increase in general and administrative expenses, the cement producer said.


Saudi Absher platform delivers over $5.3bn in annual economic impact 

Updated 18 December 2025
Follow

Saudi Absher platform delivers over $5.3bn in annual economic impact 

RIYADH: The Saudi government’s Absher digital services platform generates more than SR20 billion ($5.3 billion) in annual economic impact, highlighting the scale of savings created by the Kingdom’s transition from paper-based government procedures to digital services, according to the Ministry of Interior. 

Speaking to Al-Eqtisadiah, Bandar bin Mashari, assistant minister of interior for technology affairs, said the savings reflect broader efficiency gains from digitization. 

This comes as government services previously delivered through manual, paper-driven processes have moved onto a unified digital platform used by millions of citizens and residents. 

“Absher is one of the oldest platforms that has had a direct impact on strengthening the efficiency of spending and in opening new avenues for providing added value services,” said Mashari. 

He said the platform’s economic impact is closely linked to the government’s digital transformation agenda, which aims to reduce operational costs while improving service delivery across public agencies. 

The assistant minister further stated that the economic impact was at SR17 billion and grew to SR20 billion according to the ministry’s latest data. 

He added that Absher has completed a shift in its financial structure, transitioning from direct state capital funding to a sustainable financing model based on self-generated income. 

Mashari also said the Ministry of Interior is moving to expand its digital capabilities beyond service delivery, with a focus on security and financial protection. 

Authorities are working toward building a secure digital ecosystem designed to combat financial fraud and crime, he said, as digital transactions and online government services continue to expand. 

Absher is the flagship digital services platform of Saudi Arabia’s Ministry of Interior and one of the Kingdom’s earliest large-scale e-government initiatives. 

Launched in 2010, the platform provides citizens, residents, visitors, and businesses with access to hundreds of government services through a unified digital portal and mobile application. 

Its services span civil affairs, passports, residency and visa services, as well as traffic and vehicle transactions, and business administration, significantly reducing the need for in-person government visits. 

Absher is widely used across the Kingdom, handling millions of electronic transactions each month and serving as a core pillar of Saudi Arabia’s broader digital transformation and Vision 2030 agenda.