Tabuk and Saudi Cement see profits decline in 1H2022

Downward trend is in line with declining profits in Saudi Arabia´s cement sector

Saudi Arabian companies Tabuk Cement and Saudi Cement reported weak profitability in 1H2022, in line with declining profits in the Kingdom’s cement sector, writes Arab News.

Tabuk Cement turned in losses of SR4.43 million due to an increase in sales costs, according to a bourse filing. Nonetheless, the cement producer Tabuk’s first-half revenues increased by 8 percent to SR136 million.

In the case of Saudi Cement, profits were down 20 percent to SR164 million during the first half of the year, in addition to a 14.6 percent decline in sales and revenues. The increase in general and administrative expenses, coupled with a rising increase in financial charges, contributed to Saudi Cement’s profit.