Riyadh – Mubasher: Southern Province Cement Company (SPCC) reported a 17.6% year-on-year profit increase in the first quarter of 2019.
The Saudi cement producer’s net profits, after zakat and taxes, amounted to SAR 120 million in Q1-19, compared to SAR 102 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
Quarter-on-quarter, SPCCl’s net profits leapt 130.8% from SAR 52 million in Q4-18.
The growth in Q1-19 profit was attributed to a 24.8% increase in sales revenues, a 37.3% hike in sales volume, as well as a 9.6% drop in financing burdens, the statement added.
The Saudi firm’s sales stood at SAR 342 million in Q1-19, compared to SAR 274 million in the corresponding period a year earlier.
For the full-year 2018, SPCCl’s net profits plunged by 47.3% to SAR 195 million from SAR 370 million in the prior year.
