Earnings Report /
Saudi Arabia

Southern Province Cement Company: Weak earnings on lower volumes

  • Total selling quantities (comprising only of local cement sales) during the quarter stood at 1.4mn tons

  • We believe the significant decline in production is due to issues relating to Southern Cement’s Jazan facility

  • Gross margins contracted heavily by 623bps yoy to 38.7%, lower than our estimates of 41.9%.

Iyad Khalid Ghulam
Iyad Khalid Ghulam

Vice President, Senior Equity Research Analyst

SNB Capital
15 August 2021
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