Hail Cement Company turned to a loss in the second quarter of 2022 by 6.83 million riyals, compared to a net profit of about 15.35 million riyals in the same quarter of 2021.
According to Arabiya Net, the company said in a statement that the shift to loss in the second quarter of 2022, on an annual basis, is due to the decrease in the average selling price, in addition to recording losses from financial investments at fair value during the second quarter of this year, compared to recording profits during The same quarter of the previous year, as well as making financial provisions of 10 million riyals to one of the government agencies, despite the increase in the quantity and value of sales during the second quarter of 2022, on an annual basis.
On a quarterly basis, losses decreased marginally by 0.92% in the second quarter of 2022, compared to losses of about 6.89 million riyals in the first quarter of 2022.
Hail Cement turned a loss of about 13.72 million riyals in the first half of 2022, compared to a profit of about 41.22 million riyals in the first half of 2021.
