Riyadh – Mubasher: Northern Region Cement Company’s net profits after Zakat and tax hit SAR 27.6 million in the first quarter (Q1) of 2020, 78% more than SAR 15.5 million in the same period in 2019, the company's initial financial statements showed.
The company’s revenues soared by 44.9%, standing at SAR 180.1 million in the three-month period from SAR 124.3 million, according to a bourse statement on Sunday.
Moreover, the increasing profits were driven by higher sales volumes and other revenues, and lower financing charges as the government debt was reduced despite the rise in the Zakat provision.
