Riyadh – Mubasher: The net profits after zakat and tax of Southern Province Cement Company soared by 137.435% to SAR 463 million in 2019 from SAR 195 million in 2018.

The climb in net profits is driven by a 46.4% increase in sales, a 9.76% decrease in the cost of finance, and a 3.89% drop in zakat provisions, according to the company’s financial results for 2019 disclosed to the Saudi Stock Exchange (Tadawul) on Monday.

Meanwhile, the company’s revenues surged to SAR 1.3 billion last year, compared to SAR 888 million in 2018.

The earnings per share (EPS) settled at SAR 3.27 in 2019, up from SAR 1.44 during the earlier year.

It is noteworthy to mention that during the third quarter of 2019, the company’s net profits increased by 1,572% year-on-year (YoY) to SAR 90.3 million from SAR 5.4 million in the same period of 2018.