South Cement increases its annual profit by 32%

Southern Province Cement Company achieved an annual net profit growth of 31.5%.

According to Arabiya Net, the company achieved a net profit of 609 million riyals in 2020, compared to 463 million riyals, during 2019.

The increase in net profit for the current year compared to the previous year is due to the increase in sales revenues for the current year by 27.15% compared to the previous year, and the increase in the amount of sales for the current year by 23.70% compared to The previous year.

Also, the decrease in financing costs for the current year by 23.31% compared to the previous year contributed to the increase in profits.

The increase in other diversified revenues for the current year by 92.59% compared to the previous year also contributed to the growth rates achieved last year.