Riyadh – Mubasher: Arabian Cement announced turning to a profit in the first quarter of 2019, compared to net losses in the year-ago period.
The Saudi cement producer reported net profits of SAR 37.1 million in Q1-19, against SAR 6.1 million in net losses in Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul).
The company ascribed the positive turn in its Q1-19 financials to higher revenues and lower costs, along with reduced general and administrative expenses and lower losses in the company’s unit in Jordan.
Quarter-on-quarter, Arabian Cement’s profits jumped 127.6% from SAR 16.3 million in Q4-18.
