Umm Al-Qura Cement Co posts 55% fall in net profit in 1H22

Saudi cement producer, Umm Al-Qura Cement Co has posted a 55 per cent fall in net profit during the 1H22 owing to lower cement sales, compared to the 1H21.

Profits in the first half dropped from SAR49m (US$13m) in the same period last year to SR22m (US$5.9m), 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 per cent to SAR125m during the1H22 from SAR154m during the 1H21.