RIYADH: Saudi Arabia’s Hail Cement Co. has reported losses of SR6 million ($1.6 million) for the first nine months of 2022 despite witnessing a growth in sales.
The cement producer had made profits of SR47 million in the same period last year, a bourse filing showed.
Shares of Hail went up following the announcements, gaining 0.78 percent to reach SR12.86, as of 10:09 a.m. Saudi time.
Despite incurring losses, the company’s revenue went up by 32 percent to SR268 million year-on-year.
Hail Cement attributed the poor performance to lower average selling prices and higher sales costs.
For the third quarter of the year, Hail witnessed a 31 percent surge in profits to SR7.8 million, coupled with an 84 percent jump in sales to SR103 million.
Hail said its third-quarter results were driven by higher sales quantities and values, and lower general and administrative expenses.