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Aramco, unit and Sinopec ink $4bn deal

The two companies will establish a joint venture company.

Etihad unveils new A321LR aircraft

A321LR features First Suite - a private, enclosed space with a sliding door.

stc Group Q1 net profit up 11.05%

The Group reported a revenue of $5.12 billion.

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Arabian Cement Q1 net profit $13.11m

The company's revenue decreased by 7.4 percent in Q1. (Arabian Cement)
  • The revenue for the first quarter reached SAR240.1 million, less 7.4 percent from SAR259.3 million during the same period last year.
  • The company attributed the rise in net profit to an increase in the average selling price, decrease in cost of sales and decrease in selling and distribution expenses.

Dubai, UAE — Arabian Cement Company posted a net profit of SAR49.2 million ($13.11 million) in the first quarter of 2023, a rise of 17 percent from SAR41.9 million in the same quarter of 2022.

The revenue for the first quarter reached SAR240.1 million, less 7.4 percent from SAR259.3 million during the same period last year, the company said in Tadawul disclosure.

The company attributed the rise in net profit to an increase in the average selling price, decrease in cost of sales, decrease in selling and distribution expenses as a result of decrease in export sales volume for the parent company, decrease in general and administrative expenses and increase in other income, despite the decrease in sales volume, the company said in a statement.

The rise in net profit in the current quarter compared to the previous quarter was attributed to an increase in the average selling price, decrease in cost of sales, decrease in general and administrative expenses, and decrease in zakat and income tax despite the decrease in sales.