Riyadh – Mubasher: The net profits after Zakat and tax of Eastern Province Cement Company (EPCCO) grew by 19.4% to SAR 43 million during the third quarter (Q3) of 2020, compared to SAR 36 million in the corresponding period of 2019.
Higher profits are driven by the decrease in costs of sale and administrative and general expenses, as well as the increase in investment income and the company's share of the results of an associate.
The company's revenues declined by 8.62% to SAR 159 million in Q3-30 from SAR 174 million in the year-ago period, according to the company's interim financial results for the nine-month period ended on 30 September 2020.
During the first nine months of 2020, the company's net profits rose by 38.6% to SAR 158 million from SAR 114 million in the year-ago period.
The company's revenues increased by 4.86% to SAR 539 million in the January-September period in 2020 from SAR 514 million in the same period of the earlier year.
