Riyadh – Mubasher: Saudi Cement Company reported an increase in net profits during the first quarter (Q1) of the year by 11.48% to SAR 147.6 million, compared with SAR 132.4 million for Q1-19, the firm’s interim financial results showed.
The increase in net profit is attributed to higher sales, despite an increase in general and administrative expenses, higher selling and distribution expenses, a decrease in the company’s share in net results of associates, and an increase in zakat provision, according to a company statement.
During the first three months of 2020, the cement company’s revenues grew by 15% year-on-year (YoY) to SAR 450.4 million, up from SAR 390.4 million for the corresponding period in the previous year.
In 2019, Saudi Cement reported SAR 451.4 million in annual profits, registering an increase of 12.7% YoY.
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