Saudi Qassim Cement’s Q3 profits soar 1,486%

The increase in profits was mainly driven by the rise in sales, investment return, and increase in other income

  
A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri

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

Net profits after zakat and tax hiked by 1,486% to SAR 90.16 million in Q3-19, from SAR 5.68 million in Q3-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The increase in profits was mainly driven by the rise in sales, investment return, and increase in other income.

On a yearly basis, total revenues jumped 155.7% to SAR 190.17 million over the current quarter.

For the first nine months of 2019, net profits of Qassim Cement grew by 166.6% to SAR 216.6 million, compared to SAR 81.23 million in the same period in 2018.

Revenues levelled up by 60.5% to SAR 498 million by the end of September, versus SAR 310.32 million in September 2018.

Profit per share recorded SAR 2.41 in nine months, from SAR 0.9 in the same period a year ago.

Source: Mubasher

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