RIYADH: Najran Cement announced its annual financial results on the Saudi Stock Exchange (Tadawul) on Tuesday, showing a 281.76 percent increase in its net profit to SR204.3 million ($54 million) in 2020.

This was compared to SR53.52 million in 2019.

The company attributed the increase to increased sales quantity, lower cost of sales per ton and lower financing expenses. This was in addition to the positive impact of the company’s acquisition of the revised and final zakat deposits for the years 2014 through 2018, resulting in the adjustment of zakat allocations for those periods.

The company’s sales increased to SR623.2 million in 2020, compared to SR416.4 million in 2019, an increase of about 49.7 percent.

Najran net profit amounted to SR83.8 million in the fourth quarter of 2020, compared to SR35.92 million for the same quarter of 2019, up by 133 percent, according to Al Arabiya.

The company’s net profit increased by 584.6 percent in the first nine months of 2020, reaching SR120.5 million, compared to SR17.6 million in the same period of 2019.

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