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Yanbu Cement’s profit climbs 34% in Q3 on higher revenue

Yanbu Cement’s profit climbs 34% in Q3 on higher revenue
Revenues rose to SAR 240.36 million in the July-September period
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Riyadh – Mubasher: The net profits of Yanbu Cement Company surged by 34.44% year-on-year (YoY) to SAR 82.48 million during the third quarter (Q3) of 2020, compared to SAR 61.35 million.

The rise in net profits was ascribed to higher revenue, lower costs, general and administrative expenses, and selling and financing expenses, along with an increase in other income, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Revenues rose to SAR 240.36 million in the July-September period from SAR 227.97 million in the year-ago period.

Quarter-on-quarter (QoQ), the Saudi firm’s net profits jumped by 121% from SAR 37.33 million in Q2-20.

Over the nine-month period ended 30 September, the cement producer achieved net profits of SAR 210.12 million, up by 20% YoY from SAR 174.9 million.