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Southern Province Cement posts 31.5% growth in annual profit

Southern Province Cement posts 31.5% growth in annual profit
Net profit reached SAR 609 million in 2020
SPCC
3050
-3.68% 39.30 -1.50

Riyadh – Mubasher: Southern Province Cement Company reported a 31.53% increase in net profit after zakat and tax last year, as shown by the company’s annual financial results on Wednesday.

Net profit reached SAR 609 million in 2020, compared with SAR 463 million in 2019.

Accordingly, profit per share levelled up to SAR 4.35 per share, up from SAR 3.31 in the year before.

The cement company attributed the increase in net profit to higher sales revenue, a decrease in financing costs, and an increase in other miscellaneous revenues, according to its statement to the Saudi Stock Exchange (Tadawul).