Umm Al Qura Cement sees net profit slide 54% YoY in 9M22

Saudi Arabia’s Umm Al Qura Cement Company has reported a 15.13 per cent drop in revenue to SAR179.29m (US$47.8m) in the first nine months of 2022. This compares to SAR211.25m in the same period a year earlier, according to Zawya. Net profit after Zakat and tax over the same period fell from SAR61.92m to SAR28.44m marking a contraction of 54.06 per cent.

In the third quarter of 2022, revenues fell 4.81 per cent YoY from SAR56.95m to SAR54.21m, while net profit after Zakat and tax plunged by 49.76 per cent from SAR12.47m to SAR6.26m. Compared to the second quarter of 2022, revenue in the 3Q22 was down 8.86 per cent from SAR59.48m while net profit dropped 24.81 per cent from SAR8.33m.

The first half of 2022 results saw net profit slide 55.15 per cent YoY from SAR49.45m in the first half of 2021 to SAR22.17m in the same period this year.