Riyadh – Mubasher: Tabuk Cement Company disclosed its financial statements for the second quarter of 2019.

The company turned profitable with SAR 8.98 million in Q2-19, against losses of SAR 36.08 million in Q2-18, according to the company’s recent statement to the Saudi Stock Exchange (Tadawul).

Meanwhile, revenues jumped by 48.17% to SAR 61.15 million by the end of June, compared to SAR 41.27 million in the same period of the prior year.

The company attributed turning profitable to the increased revenues as a result of improved average selling price despite the lack of sales quantities and an increase in marketing expenses.

For the first half of 2019, Tabuk achieved SAR 12.61 million in profits, versus net losses of SAR 47.3 million in H1-18, the statement added.

Revenues of the Saudi-based company increased by 29.45% year-on-year to SAR 113.92 million during the six-month period between January and June.