Saudi Qassim Cement shares fall after H1 profits slip 73%

RIYADH: Qassim Cement Co.’s shares fell 2.45 percent at the end of Tuesday’s session after posting a 73 percent drop in profit during the first half of 2022, hit by lower cement demand.

The cement producer’s profit came down to SR54 million ($14 million), compared to SR201 million in the prior-year period, its bourse filing showed.

The company’s performance felt the impact of lower sales value and volume, higher costs of goods sold, as well as lower returns on financial investments.

The firm revenue also declined by 30 percent during the first half to stand at SR295 million.