RIYADH: Tabuk Cement Co. and Southern Province Cement Co. experienced weak profitability in the first nine months of 2022, in line with declining profits in the Kingdom’s cement sector.
Tabuk Cement revealed in a bourse filing that its profits declined 81 percent between January and September of 2022, falling to SR3.4 million ($904,758).
Despite lower profit, the cement producer Tabuk’s first-nine months revenues increased by 21 percent to SR210 million.
Meanwhile, profits of Southern Province Cement Co. dropped by 28 percent in the first nine months of 2022 to SR238 million.
This was coupled with a 12 percent decrease in revenue in the period ending Sept. 30, reaching SR887 million.
Southern provinces attributed the lower profits to lower sales revenues due to the lower demand, lower selling prices, and higher production requirements prices.