Saudi Arabia’s Hail Cement Co. has reported losses of SR14 million ($4 million) in the first half of 2022 despite witnessing a growth in sales.
The cement producer had made profits of SR41 million in the same period last year, a bourse filing showed.
Despite incurring losses, the company’s revenue went up by 12 percent to SR165 million year-on-year.
Hail Cement attributed the poor performance to lower average selling prices and higher sales costs.