Yamama Cement posts 7% YoY fall in revenue in 2023

Saudi Arabia's Yamama Cement Co has announced revenue of SAR935.19m (US$249.38m) for 2023, down 7.23 per cent on the SAR1008.1m seen in the previous year. Operational profit was down 17.93 per cent from SAR333.13m in 2022 to SAR263.55m in 2023. Net profit over the same period has declined 14.49 per cent from SAR355.79m to SAR304.25m.

Profit per share also fell, down from SAR1.76 and SAR1.5. The downturn in revenue and profit has been attributed to a low volume and value of sales as local demand has contracted. In addition, the company has faced an increase in financing expenses.