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City Cement’s profit rises 19% in 2018

City Cement’s profit rises 19% in 2018
The 2018 profit increase was ascribed to the rise in other revenues
CITY CEMENT
3003
0.23% 17.44 0.04

Riyadh – Mubasher: City Cement Company on Sunday reported an 18.93% year-on-year profit increase during the full-year 2018.

The cement producer’s net profits amounted to SAR 111 million ($29.58 million) last year, from SAR 93.3 million ($24.87 million) in 2017, according to the company's initial financial results published on the Saudi Stock Exchange (Tadawul).

The 2018 profit increase was ascribed to the rise in other revenues, supported by the final settlement with the main contractor Sinoma International Engineering Co. concerning the contract of establishing the second production line.

The rise in net profits was also attributed to the reduction in sales costs during raising operational efficiency.

As for the fourth quarter of 2018, the company’s profits jumped 229.68% to SAR 78.58 million, against SAR 23.83 million in the corresponding period in 2017.

City Cement Company turned to loss during the third quarter of 2018, logging SAR 2.38 million in net losses, cutting the firm’s profits to SAR 32.39 million during the first nine months of last year.  

By 10:28 am Saudi time, City Cement Company’s stock rose 4.08% to SAR 10.72.