Riyadh – Mubasher: The net profit after Zakat and tax of Tabuk Cement Company shrank by 93.99% in the second quarter (Q2) of the year, standing at SAR 540,000, compared with SAR 8.98 million in the year-ago period.
The decline in the quarterly profits is attributed to lower net sales because of the coronavirus pandemic and lower other income, according to a stock exchange disclosure on Wednesday.
In the meantime, the company did not receive any gains from investments during Q2-20 and adjusted the cash flows for financial liability.
Revenues registered SAR 49.99 million in Q2-20, a decline of 18.25% when compared to SAR 61.15 million in Q2-19.
