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City Cement posts 12.2% growth in Q2 profits

City Cement posts 12.2% growth in Q2 profits
Quarterly profits amounted to SAR 36.2 million
-0.40% 19.90 -0.08

Riyadh – Mubasher: City Cement reported a 12.2% increase in net profit during the second quarter (Q2) of 2020 to SAR 36.2 million, compared with SAR 32.25 million in Q2-19, as shown by the company’s interim financial results.

The company attributed the higher net profit to a growth in sales and other revenues, as well as a decrease in sales, general, and administrative costs, according to a statement to the Saudi Stock Exchange (Tadawul).

During the first half (H1) of 2020, the company’s net profit after zakat and tax grew by 44.8% to SAR 106.66 million, from SAR 73.67 million in H1-19.