Riyadh – Mubasher: City Cement Company reported its initial financial statement for the second quarter of 2019.

Net profits after zakat and tax surged by 226% to SAR 32.25 million in Q2-19, from SAR 9.8 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.

As for revenues, they grew by 54.2% to SAR 108 million during the three-month period between April and June, compared to SAR 70 million in the same period of the prior year.

The company ascribed the increase in profits to the rise in sales value due to the higher average selling price.

For the first six months of 2019, net profits of City Cement hiked by 111.7% to SAR 73.67 million, versus SAR 34.7 million in H1-18.

Total revenues of the Saudi-based firm jumped by 28.2% to SAR 245.15 million in H1-19, from SAR 191.16 million in the corresponding period the year before.

Profit per share stood at SAR 0.39 during the six-month period between January and June, versus SAR 0.18 in the same period of the previous year.

Source: Mubasher

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