Riyadh – Mubasher: Qassim Cement reported a 198.6% increase in net profits after Zakat and tax in 2019, as shown by the company’s annual financial results.

Net profit after Zakat and tax amounted to SAR 360.7 million last year, compared with SAR 120.8 in 2018, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

This resulted from an increase in sales and the average selling price, in addition to sales return and allowances that were reversed leading to an increase in general and administrative expenses, as well as sales, marketing, and Zakat expenses, the company disclosed.

Moreover, the cement company saw an increase in investment returns and other income, despite the increase in other expenses.