Saudi Cement Company records $120m net profit for 2020
RIYADH, February 24, 2021
Saudi Cement Company, a major player in the kingdom's industrial sector, has registered a modest growth in its net profit for 2020 which rose from SR451.4 million ($120 million) in 2019 to SR456 million ($121 million).
The company's total revenues witnessed a 8.8 per cent growth for the 12-month period ending December 31, to hit SR1.56 billion compared to SR1.44 billion for the same period the year before, said Saudi Cement in its filing to the kingdom's bourse Tadawul.
The gross profit for 2020 was seen at SR666.4 million, up 2.5 per cent compared to SR649.8 million, while the company's total comprehensive income surged by 3.8 per cent to SR457.9 million last year from SR441.1 million in 2019, said the statement.
The steady growth was mainly due to the increase in sales and other income besides a decline in the general and administrative expenses and financial charges, in spite of the a spurt in the sale and distribution expenses and increase in Zakat provision, it added.-TradeArabia News Service
