Saudi Tabuk Cement turns profitable in nine months

Revenues of the Saudi-based company hiked by 126% year-on-year

  
Image used for illustrative purpose. Indonesian porters move sacks of cement to be loaded on a traditional wooden ship at Paotere Harbor on April 30, 2014 in Makassar, Indonesia.

Image used for illustrative purpose. Indonesian porters move sacks of cement to be loaded on a traditional wooden ship at Paotere Harbor on April 30, 2014 in Makassar, Indonesia.

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Riyadh –Tabuk Cement Company announced its interim financial results for the third quarter of 2019.

The company turned profitable recording SAR 5.03 million in Q3-19, against SAR 19.19 million losses in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Monday.

The company attributed the turn to profits to the increased revenues as a result of improved average selling price despite the lack of sales quantities.

Revenues of the Saudi-based company hiked by 126% year-on-year to SAR 58.46 million during the three-month period ended September.

For the first nine months, Tabuk Cement’s net profits reached 17.63 million, compared to losses of SAR 66.49 million in the same period of the prior year.

Total revenues jumped by 55.3% to SAR 172.38 million by the end of September, from SAR 113.87 million in the same period a year ago.

Source: Mubasher

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