The preliminary financial results of Umm Al-Qura Cement Company showed a decrease in its net profit after zakat and tax by 55.39% in the first quarter of 2022, to about 13.84 million riyals, compared to about 31.04 million riyals in the same quarter of 2021.
Umm Al-Qura Cement’s net profit declined by 13.9% compared to its profit of about 16.09 million riyals in the fourth quarter of 2021.
The company said in a statement on “Saudi Tadawul”, today, Monday, that the decline in net profit during the first quarter of 2022, on an annual basis, is due to the decrease in the quantity and value of sales, as well as the increase in selling and marketing expenses and general and administrative expenses despite the decrease in financing costs during the first quarter of 2022, compared to the same quarter of the previous year.
The value of sales decreased by 27.4% in the first quarter of 2022, to about 65.6 million riyals, compared to about 90.4 million riyals in the same quarter of 2021.
