Special Report - (Namazone):

Cement companies listed on the Saudi Stock Exchange, with net profits during the first quarter of 2020, jumped to their highest levels since 2016, despite the slowdown in the economy, in the last period, due to the effects of Corona .

According to data available on the website (Namazon), 14 listed companies recorded net profits exceeding one billion riyals, for the first time since the second quarter of 2016.

The majority of companies attributed the increase in their net profits during the first quarter of 2020 to the increase in sales and the improvement in average selling prices, in addition to the decrease in expenses.

group growth

And all the cement companies listed in the Saudi market announced their net profit growth in the first quarter of this year, compared to the same period of the previous year, and the profits of the majority of companies jumped significantly. p> The Southern Region Cement recorded the highest profits at the level of cement companies, with a net profit of 183 million riyals, a growth of 52.5%, compared to the company's profits for the first quarter of 2019, which It reached 120 million riyals.

The company explained that the increase in net profit during the first quarter of 2020, mainly due to higher sales, lower financing charges, and increased other revenue.

And the second position was in terms of the highest profits, for Saudi Cement Company, which rose with net profits to 147.6 million riyals, compared to 132.4 million riyals, during the same period last year, Up 11.5%.

According to the company’s data, the increase in net profits was due to sales growth, which outweighed the increase in general and administrative expenses, selling and distribution expenses and zakat provision.

Al Yamamah Cement Company ranked third in terms of the highest profits, after it jumped by its profits by 75.5% to reach 123.97 million riyals, compared to about 70.6 million riyals for the first quarter From 2019.

Al Yamamah Cement, due to the increase in its net profits significantly, due to the increase in sales and the decrease in general and administrative expenses.

cement sales support profits

Total cement sales in Saudi Arabia increased by 33% in the first quarter of 2020, compared to the same period in 2019, to support corporate profits during the ...