RIYADH: Saudi Arabia’s Najran Cement Co. posted a 50 percent decrease in profit for the first nine months of 2022, primarily due to lower sales.
The cement producer saw its profits fall to SR64 million ($17 million), down from SR130 million in the same period a year earlier, according to a bourse filing.
The decline in profit was caused by a fall in sales and an increase in production costs, the company said.
For the same period, sales and revenue totaled SR376 million, down 15 percent from the same quarter of last year.
For the third quarter of 2022, Najran Cement earned SR28 million in profit, down 23 percent from the same quarter last year.
