Yanbu Cement Co., one of Saudi Arabia’s largest cement producers, has posted a forty three percent dip in net profit to $43 million in 2021.
The company attributed the dip in earnings to lower selling prices that weighed on the company’s revenue.
The Jeddah-based company, apart from seeing a drop in the net profit, saw its annual revenue fall slightly from SR940 million to SR934 million year-on-year, according to a bourse filing.
This came as lower prices dragged down sales in addition to an increase in general and administrative expenses, the cement producer said.
