Saudi Najran Cement’s profit slumped 61% owing to lower sales

RIYADH: Saudi Arabia’s Najran Cement Co. posted a 61 percent decrease in profit for the first quarter of 2022, primarily due to lower sales.

The cement producer saw its profits fall to SR23 million ($6 million), down from SR60 million in the same period a year earlier, according to a bourse filing.

The decline in profit was caused by a decline in sales and an increase in production costs.

For the same period, sales and revenue totaled SR139 million, down 24 percent from the first quarter of last year.