Riyadh – Mubasher: City Cement Company’s net profits for the year 2020 jumped by 15.99% to SAR 220.5 million, compared with SAR 190.1 million a year earlier.

The rise in the annual profits was helped by higher sales value and volume and lower Zakat expense, and general and administrative expenses, according to a bourse disclosure on Sunday.

The company’s revenue grew by 7.7% annually last year to stand at SAR 572.3 million.

In a separate statement, the firm said its board approved distributing SAR 70 million or SAR 0.5 per share in cash dividends to shareholders for the second half (H2) of 2020.