Qassim Cement Co posted a 73 per cent drop in profit during the 1H22, hit by lower cement demand. The Saudi cement producer’s profit fell to SAR54m (US$14m), compared to SAR201m in the prior-year period.

The company’s performance declined due to lower sales both in value and volume terms, higher costs of goods sold, as well as lower returns on financial investments, Arab News reported. Company revenue also declined by 30 per cent during the 1H22 to SAR295m.