Al Jouf Cement Company reported a 92.92% plunge in net profit after Zakat and tax to SAR 1.81 million during the first half (H1) of 2022, compared to SAR 25.68 million in H1-21.

Revenues amounted to SAR 98.29 million in the first six months (6M) of 2022, down 19.18% year-on-year (YoY) from SAR 121.62 million, according to the interim financial results.

The earnings per share (EPS) plummeted to SAR 0.01 in H1-22 from SAR 0.18 in H1-21.

Meanwhile, the Saudi listed firm registered accumulated losses worth SAR 340.86 million as of H1-22, accounting for 23.84% of the SAR 1.43 billion capital.

During the second quarter (Q2) of 2022, Al Jouf Cement shifted to net losses after Zakat and tax of SAR 1.73 million, against net profits worth SAR 7.68 million in Q2-21.

Furthermore, the Q2-22 revenues declined by 7.92% YoY to SAR 49.47 million from SAR 53.73 million.

In January-March 2022, the company’s net profit after Zakat and tax shrank by 73.55% to SAR 5.55 million, versus SAR 20.98 million during the same period a year earlier.