Saudi Cement sees 28% rise in quarterly profit

Revenues rose by 24.7% on an annual basis in Q3-20

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Riyadh – Mubasher: The net profits of Saudi Cement Company totalled SAR 106.4 million in the third quarter (Q3) of 2020, an increase of 28.2% from SAR 83 million in the prior-year quarter.

This rise was backed by an upswing in sales, coupled with a higher share in net results of associates and higher other income, according to a bourse disclosure on Thursday.

Meanwhile, financing costs and general and administrative expenses slumped, whereas selling and distribution expenses and Zakat provision increased.

Revenues rose by 24.7% on an annual basis over the July-September period to reach SAR 386.8 million.

In the first nine months of the year, the profits hit SAR 328.5 million, up by 6.7% annually.

Source: Mubasher

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