Riyadh Cement’s profits plummet 47% on a dip in sales in H1

RIYADH: Riyadh Cement Co. has reported a decline of 47 percent in profit to SR85 million ($23 million) in the first half of the year.

The profit slump was coupled with a 35 percent decrease in revenues to SR258 million, according to a bourse filing. 

The cement producer blamed the poor performance on a drop in cement sales.

In a separate announcement, the company said it plans to pay SR0.75 per share in cash dividends in the first half of 2022