Riyadh – Mubasher: Yanbu Cement Company posted a 182.76% growth in net profits for 2019, as shown by its annual financial results.
Net profit after zakat and tax amounted to SAR 257.82 million last year, compared with SAR 91.18 million for 2018, according to a company statement to the Saudi Stock Exchange (Tadawul).
The company attributed the surge in profit to higher sales, resulting from the increased average selling price, despite the rise in administrative, general, and zakat expenses and a decline in other revenues.
In the fourth quarter (Q4) of 2019, net profit surged by 154.73% to SAR 83.45 million, compared with SAR 32.76 million in Q4-18.
The cement firm reported a 198.47% increase in net profits during the first nine months of last year to SAR 174.37 million, versus SAR 58.42 million in the corresponding period of the prior year.
