Riyadh – Mubasher: Najran Cement Company reported its interim financial results for the third quarter of 2019.
The company achieved SAR 14.13 million in profits in Q3-19, against losses of SAR 23.7 million in Q3-18, according to the firm’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.
“The reason for making a net profit in the current quarter compared to a net loss in the same quarter of the previous year is mainly due to higher sales volumes complemented by an improvement in the sales price, and a significant decrease in production cost per tonne,” the company stated.
Revenues of the Saudi-based firm hiked by 80.5% year-on-year to SAR 97.23 million during the three-month period ended September.
For the first nine months of 2019, net profits of Najran Cement recorded SAR 17.6 million, versus SAR 65.63 million in losses in the same period last year.
Total revenues jumped by 35.7% to SAR 279.99 million by the end of September, from SAR 206.18 million in September 2018.
Profit per share registered SAR 0.1 in the nine-month period, against a loss per share of SAR 0.39 in the same period the year before.
