Saudi Cement’s profits increase to $118m

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Tue, 2021-02-23 12:51

RIYADH: The Saudi Cement Company announced achieving 1 percent profit growth for the year 2020 to reach SR456 million ($118.56 million), compared to SR451.4 million in 2019, according to the company’s statement on the Saudi stock exchange (Tadawul).

The company’s total revenues rose by 9 percent to SR 1.57 billion, compared to SR 1.44 billion for the same period of the previous year.

The company attributed the increase in profit to an increase in sales and revenues and a decrease in public and administrative spending and financing expenditure, despite an increase in distribution spending and spending dedicated to zakat.

Saudi Cement came on top of cement exporters in the Kingdom in January, with 61,000 tons of exports, and came second in exporting clinker, with 179,000 tons, in the same month.

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