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RIYADH: Arabian Cement Co. has reported a 6 percent profit increase for the first nine months of 2022 despite sales dropping 6 percent.
The cement producer’s profits increased to SR146 million ($39 million), up from SR138 million in the same period last year, according to a bourse filing,
The firm said the higher profits stem from the growth of associate companies' profits, as well as an increase in income from other sources, a decrease in finance costs, and a decrease in zakat and income tax provisions.
During the third quarter of 2022, Arabian Cement posted 57 percent growth in its profits to SR59 million supported by an 8 percent increase in revenue to SR241 million.