Arab Cement transforms selling prices to ensure profitability in the second quarter of 2019

(MENAFN Press) The Arab Cement Company (Arab Cement) posted second-quarter earnings growth on an annual basis.

According to the company's financial statements on Tadawul Sunday, net profit reached 37.3 million SAR after Zakat and Tax, compared with a loss of 50.9 million SAR in the second quarter of 2018.

The company's sales increased by 52.7% in the second quarter of this year, reaching 164.6 million riyals, compared to 107.8 million riyals in the corresponding quarter of 2018.

Arab Cement attributed the second quarter profit to an increase in sales related to the increase in the average selling price, the lower cost of sales and general and administrative expenses of the parent company and the profits of the subsidiary in Jordan.

The company said that this growth had occurred despite declining sales volume and other revenues, losses of the badociated company in Jordan and rising Zakat.

On a quarterly basis, the company's earnings increased slightly from the previous quarter's 37.1 million riyals.

In the first half of 2019, Arab Cement achieved a net profit of 74.5 million riyals, compared to a loss of 57 million riyals in the same period last year.

The company's sales increased by 15.06% in the first half of this year to reach 353.8 million riyals, against 307.5 million riyals for the corresponding period of 2018.

The company's profitability for the first quarter of 2019 was 37.1 million SAR, compared with a net loss of 6.1 million RS for the same period last year.

The company's shares ended trading on Thursday, down 1% to 29.30 SAR.

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