RIYADH: City Cement Co. and Arabian Cement Co. reported lower profits during the first half of 2022, continuing the trend of declining cement sector profits.
City Cement Co. has reported SR42 million ($11 million) in profit for the first half, down 64 percent from the same period in 2021. Its revenues fell by 32 percent to reach SR197 million during the period.
Arabian Cement Co. saw its profits drop by 14 percent to SR87 million during the first half of 2022, while revenues fell by 11.6 percent during the period to reach SR490.3 million.
Despite lower profit, Arabian Cement has recommended distributing SR1.1 per share in dividends for the first half of 2022.