Riyadh – Mubasher: Arabian Cement Company recorded SAR 208.7 million in annual net profits after Zakat and tax for 2019, versus net losses of SAR 26.2 million in 2018.

The rise in profits resulted from an increase in the value of sales, driven by higher average prices in Saudi Arabia and Jordan, as well as lower general and administrative expenses and sales costs, according to the company’s annual financial results disclosed to the Saudi Stock Exchange (Tadawul) on Monday.

In addition, earnings from a subsidiary in Jordan improved, while Zakat and tax provisions rose and other income decreased.

Revenues jumped by 30.18% to SAR 782 million last year from SAR 600.7 million in 2018.

The profits per share stood at SAR 2.09 in 2019, against losses per share of SAR 0.26 in the prior year.

Meanwhile, the company's board proposed the distribution of 10% cash dividends or SAR 1 per share for the second half (H2) of 2019, with a total value of SAR 100 million.

It is noteworthy to mention that during the third quarter (Q3) of 2019, the company’s net profits after Zakat and tax surged by 320.8% to SAR 60.6 million from SAR 14.4 million during the same quarter of 2018.