Yamama Cement Company recorded a quarterly profit of 77.7 million riyals in the second quarter of 2021, compared to 50.8 million riyals in the second quarter of the previous year, an increase of about 53%.
According to Arab Net, the company attributed the main reason for the increase in net profit for the current quarter compared to the same quarter of the previous year to the increase in the amount of sales and the decrease in the provision for zakat and general and administrative expenses. In addition to treating the proceeds from the sale of products during the experimental testing period for the asset with the early application of the amendments to the International Accounting Standard No. (16), according to the company’s statement today, Thursday, on the Saudi market’s website, Tadawul.
In the results of the first half year, Yamama Cement announced a 24% decrease in its profits to 132.5 million riyals, compared to 174.8 million riyals for the same period in 2020.
The main reason for the decrease in net profit for the current period compared to the same period of the previous year is the decrease in sales value.
