Saudi Cement sees drop in 3Q profit

Saudi Cement Co reported a 15.4 per cent drop in quarterly net profit after tax and zakat to SAR68.3m (US$18.2M) in the 3Q23 when compared with the year-ago period when net profit reached SAR80.7m.

Sales in the 3Q23 fell four per cent YoY to SAR315m to SAR328.1m, due to a drop in volumes and price of local sales.

Selling and distribution expenses as well as general and administrative expenses increased. Financial charges were also higher.