Saudi Umm Al-Qura Cement profit plummeted 33 percent in 2021

  • 3/17/2022
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RIYADH: Saudi Arabia’s Umm Al-Qura Cement Co. has reported a 33 percent decline in profit for 2021 as its revenue fell. The Saudi-listed firm’s net profit dropped to SR78 million ($20 million) from SR117 million a year earlier, according to a bourse filing. Along with the profit drop, the cement producer saw its annual revenue fall from SR333 million to SR278 million year-on-year. This resulted from an increase in marketing and selling expenses that ultimately led to decreased sales. Even as profit dropped, Umm Al-Qura Cement Co.’s board proposed a half-year dividend payout of SR0.25 per share.

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