RIYADH: A surge in construction activities due to the Red Sea and other development projects in Saudi Arabia is expected to drive the recovery of the cement industry after the demand dwindled last year on account of the pandemic. “The industry will be positively affected by renewed construction in the north, with the Red Sea Project, and residential developments. The effect
RIYADH: Saudi Arabia’s City Cement Co. has reported a 27 percent decline in profit for 2021. The cement producer’s net profit went down to SR160 million ($42 million) from SR220 million a year earlier, according to a bourse filing. Along with the profit drop, the Saudi-listed firm saw its annual revenue fall from SR572 million to SR496 million year-on-year. This came as lower
City Cement sees 31% rise in profit 04 August 2021
Saudi Arabia’s City Cement has posted a net profit after tax of SAR49.7m (US$13.25m) in the second quarter of the year, up 30.8 per cent YoY on SAR38m in the year-ago period.
Sales also climbed 10 per cent YoY to SAR119.8m from SAR108.9m in the 2Q20.
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Dubai: Saudi Arabian stocks extended their lacklustre performance in recent sessions weighed down by a number of subpar first-quarter earnings, while Dubai shares ended the day higher mainly as blue-chip property stocks continued to cheer the markets.
Saudi Arabia s benchmark index dropped 0.7 per to 10,252 points slipping for a fourth day in the last five sessions as the index underwent pressure from mixed corporate earnings and as a raging pandemic in parts of the world continued to cloud oil demand outlook in the short term.
Results paint stocks with red
Banking stocks led the losses with Arab National Bank shedding more than 1 per cent after the first-quarter profits shrank by around 10 per cent to SR582 million as the lender reported decreased net special commission income and increased allowances for expected credit losses. Assir Trading, Southern Province Cement and City Cement all underperformed after reporting subdued first-quarter results.