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RIYADH: Hail Cement Company reduced its losses in the second quarter of 2019 by 89.3% year-on-year.
According to the company's financial statements on Tadawul on Monday, net losses fell to 1.92 million riyals after Zakat and taxes, compared to 17.99 million riyals in the second quarter of 2018.
The company said the main reason for the decrease in losses was due to higher revenues and improved selling prices.
On a quarterly basis, Hail Cement recorded losses compared to a profit of 22.55 million riyals in the previous quarter.
The company's sales increased 29.5% at the end of the second quarter to 53.43 million riyals, compared to 41.27 million riyals in the second quarter of 2018.
The company's profitability in the first half of 2019 was 20.62 million SAR after Zakat and Taxes, compared to 13.77 million SAR for the same period last year.
Sales rose 35.55 percent to 121.99 million riyals, compared with 89.99 million riyals in the same period in 2018.
The company's profit jumped 433.3% in the first quarter of 2019 to reach 22.5 million riyals, compared with 4.2 million riyals for the same period last year.
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