Riyadh – Mubasher: Umm Al-Qura Cement Company recorded a decrease in net profits by 53.27% during the first quarter of 2023 on an annual basis.
According to the company’s financial data, issued on the Saudi Tadawul website today, Thursday, the net profit amounted to 6.78 million riyals after zakat and tax, compared to 14.51 million riyals in the first quarter of 2022.
The company attributed the decline in profits; to a decrease in the value of sales; Due to the decrease in sales volume despite the increase in the average selling price, in addition to the financial impact of the technical malfunction in one of the components of Cement Mill No. (1), in addition to the increase in the cost of sales and the increase in general and administrative expenses, despite the decrease in selling and marketing expenses and financing costs during the first quarter of 2023 compared to the same quarter of the previous year.
The company’s sales / revenues decreased by 28.1% to 47.16 million riyals in the first quarter of 2023, compared to 65.6 million riyals in the same quarter of last year.
On a quarterly basis, Umm Al-Qura Cement turned profitable, compared to a loss of 6.31% in the fourth quarter of 2022.
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