Riyadh – Mubasher: The financial results of Yanbu Cement Company revealed a 43.2% decline in net profits during 2021, compared to the previous year, in light of the decline in average selling prices.
According to company data on Saudi Tadawul, today, Sunday, the net profit following zakat and tax fell to 159.56 million riyals, compared to 281.02 million riyals in 2020.
The company explained that the decline in net profits is due to the decrease in the average selling price despite the increase in the amount of sales, and the increase in the cost of revenue due to the decrease in the quantity of production, in addition to the increase in general and administrative expenses.
At the level of the fourth quarter of 2021, Mubasher’s accounts showed a decline in net profit to 9.87 million riyals, compared to 70.9 million riyals in the fourth quarter of last year, a decline of regarding 86%.
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