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RIYADH: The preliminary results of the Southern Cement Company showed an increase in net profit for the second quarter of this year of 152.78% year on year.
In a statement released Tuesday in Tadawul, the company announced a net profit of 91 million riyals, against 36 million riyals in the same quarter in 2018.
The company attributes this increase in net profit to a 55.06% increase in sales and a 17.24% increase in sales, as well as a 6.64% decrease in sales expenses. financing for the current quarter compared to the same quarter last year.
On a quarterly basis, the company reported a 24.16% decline in net income compared to a first quarter profit of 120 million RS.
Sales revenue for the current quarter decreased by 19.3% and sales volume for the current quarter decreased by 16.10%, in addition to an increase in financing costs for the current quarter of 0.77%, the company said in a statement.
In terms of semiannual profits, the company's net profit reached 211 million riyals against 138 million for the same period of 2018, an increase of 53%.
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