Profits of Saudi Yanbu Cement drop 43% in 2021 as selling prices fall

RIYADH: Saudi-listed Yanbu Cement Co., one of the Kingdom’s largest cement producers, reported a decline in profit of 43 percent in 2021, as lower selling prices weighed on its revenue.

Net income went down to SR160 million ($43 million) from SR281 million a year earlier, according to a bourse filing.

Along with the profit drop, the Jeddah-based firm saw its annual revenue fall slightly from SR940 million to SR934 million year-on-year.

This came as lower prices dragged down sales in addition to an increase in general and administrative expenses, the cement producer said.