RIYADH: Saudi Arabia’s Hail Cement Co.’s share plunged on Tuesday’s closing bell, after reporting losses of SR14 million ($4 million) in the first half of 2022 despite witnessing a growth in sales.

Shares in Hail Cement closed 2.62 percent below its Monday closing price to reach SR13.4.

The Hail-based firm saw its share price reaching SR39.55 at the closing of Tuesday’s session.

The cement producer had made profits of SR41 million in the same period last year, a bourse filing showed.

Despite incurring losses, the company’s revenue went up by 12 percent to SR165 million year-on-year.

Hail Cement attributed the poor performance to lower average selling prices and higher sales costs.