RIYADH: Eastern Province Cement Co. has posted a 41 percent profit drop for the first half of 2022, dragged down by lower sales. The Saudi-listed cement producer’s profit went down to SR72 million ($19 million) from SR122 million in the same period a year earlier, a bourse filing revealed. The profit drop was mainly driven by a decline in cement sales, higher selling and other
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 stocks rose for the third day in a row during the morning session Tuesday despite higher oil prices. Early in the day, Brent crude was trading at $101.54 a barrel and West Texas Intermediate was trading at $97.38 a barrel, as of 10:05 a.m. Saudi time. The main index, TASI, gained 0.13 percent to 13,500, and the parallel market Nomu advanced 0.15 percent to 24,082