The financial statements of Tabuk Cement Company showed that the company's profits in the first half of this year increased by 133.5% on an annual basis.
According to the company's results for the Saudi market (Tadawul) today, Wednesday, profits for the period amounted to 29.45 million riyals, compared to profits of 12.61 million riyals for the first half of 2019.
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The company said in a statement to the Stock Exchange that the increase in profits during the comparison periods is due to the increase in revenues due to the increase in sales quantities and the decrease in selling and marketing expenses.
the company clarified that the current period was affected by the gains in adjusting the cash flow of a financial commitment and lower costs of financing.
The company recorded profits of 540 thousand riyals in the second quarter of this year, compared to profits of 8.98 million riyals for the same period of the previous year, a decrease of 94%. / p>
The company indicated that the decline in profits for the second quarter of the current year is due to the decrease in net sales as a result of the impact of the Coronavirus pandemic, and the period bears the burdens of adjusting the cash flows of a financial commitment.
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(Amazon Fun Knowledge)
