Hail Cement Company recorded a decline of 61.29% in net profits during 2022, compared to the company's profits in 2021, in light of the decrease in the average selling price, and the company turned to profitability in the fourth quarter.
According to the company's financial statements, on Tadawul Saudi Arabia today, Sunday, the net profit, after zakat and tax, fell to 16.41 million riyals last year, compared to 42.4 million riyals in the previous year.
The company attributed the decrease in net profits to the decrease in the average selling price in addition to several exceptional factors, including an increase in general and administrative expenses due to a fine of 10 million riyals to a government agency, and recording losses in the fair value of financial investments.
She indicated that the decline in the company's profits came despite the increase in the quantity and value of sales during the year 2022, compared to the previous year.
With regard to the results of the fourth quarter of 2022, Mubasher accounts showed a net profit of 22.3 million riyals, compared to 4.77 million riyals for the same quarter of 2022.
And Hail Cement turned to losses in the first nine months of 2022, with a net loss of 5.9 million riyals, compared to a net profit of 47.17 million riyals during the same period of the previous year.
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