City Cement reports drop in net profit in 2022

Sales of Saudi-Arabia-based City Cement saw a 13.1 per cent fall to SAR431.4m (US$115m) in 2022 from SAR496.7m in 2021, reports Reuters.

Net profit after zakat and tax was down 28.3 per cent YoY to SAR115m from SAR160.3m in 2021.

City Cement operates a 5.28Mta integrated cement plant at Marat, northwest of Riyadh in central Saudi Arabia.