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.
