Saudi-listed Eastern Province Cement’s profits down 43% on lower sales

RIYADH: Eastern Province Cement Co. has posted a 43 percent profit drop for the first nine months of 2022, dragged down by lower sales.

The Saudi-listed cement producer’s profit went down to SR91 million ($24 million) from SR159 million in the same period a year earlier, a bourse filing revealed.

The profit drop was mainly driven by a fall in cement sales, an increase in selling and other expenses, and a decrease in the share of profit of associates.