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Najran Cement profits up 235% in Q3

Najran Cement profits up 235% in Q3
Revenues rose by 63.5% annually in Q3-20.
NAJRAN CEMENT
3002
-3.94% 10.24 -0.42

Riyadh – Mubasher: Najran Cement Company registered SAR 47.4 million worth of net profit in the third quarter (Q3) of 2020, 235.4% higher than SAR 14.13 million in the corresponding quarter in 2019.

The growth in quarterly profit is owed to higher sales volume and lower sales costs per ton, coupled with a drop in financing expenses, according to a bourse disclosure on Monday.

However, the company's selling and marketing expenses rose due to the increase in export sales.

Revenues rose by 63.5% annually in the three-month period ended 30 September to SAR 158.95 million from SAR 97.2 million in the year-ago period.

In the January-September period, the profits amounted to SAR 120.486 million, a yearly surge of 584.6%.