|29 October, 2019

Saudi Cement records $22mln profits in Q3

Net profits after zakat and tax grew by 10% to $22mln in Q3-19

An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016. Image used for illustrative purpose

An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016. Image used for illustrative purpose

REUTERS/Faisal Al Nasser

Riyadh – Mubasher: Saudi Cement Company disclosed its interim financial results for the third quarter of 2019.

Net profits after zakat and tax grew by 10% to SAR 83 million in Q3-19, compared to SAR 75.4 million in Q3-18, according to a bourse statement on Tuesday.

“The reason for the increase of current quarter net profit compared with the same quarter of last year is an increase in sales, in spite of the increase in general and administrative expenses, decrease in other income and increase in financial charges,” the statement said.

Over the quarter, revenues rose by 29.4% to SAR 310.1 million, from SAR 239.6 million in the same period of the previous year.

For the first nine months of 2019, net profits of Saudi Cement advanced by 11.6% to SAR 307.8 million, versus SAR 275 million in the corresponding period last year.

Year-on-year, total revenues jumped by 27.3% to SAR 1.03 billion by the end of September.

Profit per share registered SAR 2.01 over a nine-month period, versus SAR 1.8 in the same period a year ago.

Source: Mubasher

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