RIYADH: Saudi Arabia’s Northern Region Cement has posted a 27 percent decline in profit during the first quarter of 2022, compared to the same quarter last year, driven by lower sales revenue.
The cement producer’s profit reached SR23 million ($6 million), down from SR31.8 million in the same period the previous year, according to a bourse filing.
Along with the profit drop, the firm saw its annual revenue fall by 17.6 percent, from SR162 million to SR133 million. The decrease in net profits is attributed to a decline in quantities and value of sales, according to the bourse filing.
Among the projects the firm has previously worked on are King Abdulaziz International Airport in Jeddah, and Prince Mohammad Bin Abdulaziz Airport in Madinah.