Umm Al Qura sees net profit plunge 72% YoY in 2022

Saudi Arabia-based Umm Al Qura Cement Company has reported revenue of SAR221.21m (US$58.99m) in 2022, down 20.66 per cent from the SAR278.83m seen in the previous year. Net profit after zakat and tax over the same period fell 71.77 per cent to SAR22.98m, reports Zawya. Earnings per share in 2022 came in at SAR0.42, compared to SAR1.48 in 2021.

In the first nine months of 2022, the company saw revenue contract by 15.13 per cent YoY to SAR179.29m, while net profit after zakat and tax was down 54 per cent to SAR28.44m.