Riyadh – Mubasher: Qassim Cement Company posted its interim financial results for the second quarter of 2019.

Net profits after zakat and tax hikes 283.3% to SAR 70.45 million in Q2-19, compared to SAR 18.37 million in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The company attributed the surge in profits to the increase in average selling price, in addition to the increase in investment return and increase in other income, despite the increase in general and admin expenses, increase in selling & marketing expenses and increase in zakat expense.

Revenues of the Saudi firm jumped by 75.4% to SAR 154.5 million during the three-month period ended in June, from SAR 88.05 million in the same period of the prior year.

For the first half of 2019, net profits of Qassim Cement increased by 76.39% to SAR 126.4 million, against SAR 75.5 million in H1-18.

The company generated SAR 307.92 million in revenues in H1-19, up 30%  from SAR 235.9 million in H1-18.

Profit per share stood at SAR 1.41 by the end of June, versus SAR 0.84 in the corresponding period of the previous fiscal year.