RIYADH: Saudi cement producer, Umm Al-Qura Cement Co. has posted a 55 percent decline in net profit during the first half of 2022 owing to lower cement sales.
Profits in the first half dropped from SR49 million in the same period last year to SR22 million ($5.9 million), according to a bourse filing.
The company attributed the decline in net profit to a decrease in sales value and an increase in selling, marketing, and administrative expenses.
Its revenue declined 19 percent to SR125 million during the current period from SR154 million during the previous period.
