Riyadh – Mubasher: Combined profits of 14 Tadawul-listed Saudi cement companies grew by 39.32% year-on-year (YoY) during the third quarter (Q3) of 2020, driven by upswings in sales.

The companies’ profits netted SAR 840.87 million in the quarter ended on 30 September 2020, compared to SAR 603.54 million in the same period in 2019, according to data collected by Mubasher based on the companies’ financial statements.

A total of 13 cement firms achieved growth in quarterly profits, except Northern Region Cement Company, whose profits fell.

Net profits of Southern Province Cement Company were the highest this quarter, surging by 66.67% yearly to SAR 150 million, representing 17.8% of total earnings.

Qassim Cement Company (QCC) logged 22.11% higher profit in Q3-20 at SAR 110.11 million, while Saudi Cement Company gained SAR 106.4 million in net profits, an annual increase of 28.2%.

Al Jouf Cement Company recorded the lowest quarterly profits of SAR 8.22 million but saw the highest quarterly growth rate of 643.4%.

On the contrary, the profits of the Northern Region Cement Company fell by 18.3% YoY to SAR 21.43 million.

During the first nine months of the year, the firms’ combined profits jumped by 41.3% to SAR 2.44 billion, compared with SAR 1.73 billion in the prior-year period.