Qassim Cement Company posted a 73 percent drop in profit to $14 million in the first half of 2022 as it was hit by a decline in demand for cement.
Following the news of financial results, the company stock tumbled 2.45 percent at the end of Tuesday’s closing.
The cement company’s results were a reflection of lower sales value and volume, higher costs of goods sold, as well as lower returns on financial investments.
Its revenue also declined by 30 percent during the first half to stand at $78.66 million.
