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TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Southern Cement H1 profit $40mn

Total shareholders’ equity stood at $840 million by the end of H1 2022. (spcc.sa)
By TRENDS Desk
August 9, 2022 11:23 pm
  • In comparison to 2021, the profit declined by 42 percent, when it was $68.4 million.
  • The company’s net profit in second quarter 2022 dropped 30 percent to $16.22 million

Southern Province Cement Company registered net profit of SAR 150 million ($40 million) in H1 2022.

In comparison to 2021, the profit declined by 42%, when it was SAR 257 million ($68.4m).

Lower revenue, weaker demand, decreased selling prices and higher general and administrative expenses are said to be the reasons for drop in performance.

The company’s Q2 2022 net profit dropped 30% to SAR 61 million ($16.22m) from SAR 87 million($23.14m) a year earlier.

It was driven by lower sales revenue on lower demand and decreased selling prices.

On a sequential basis, net profit dropped by 31.5%, impacted by a decline in revenue and demand.

Total shareholders’ equity, excluding minority interest, stood at SAR 3.150 billion by the end of H1 2022, compared to SAR 3.186 billion in H1 2021.

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