Tabuk Cement Company achieved an increase in net profits by 113.2% during the year 2020, bringing zakat and tax after to 51.58 million riyals, compared to 24.19 million riyals net profit in 2019 .
According to Arabiya Net, the company said in a statement that the increase in net profit during the year 2020, compared to the previous year, is due to the increase in sales revenues as a result of higher sales quantities and lower cost of sales. , Lower selling and marketing expenses, and higher other income.
It also added that the increase is also due to the positive effect of adjusting cash flows for a financial commitment, lower financing expenses, and proof of unrealized profits of about 10.33 million riyals, in addition to a decrease in depreciation expenses as a result of a change in an accounting estimate, which is the productive life of buildings and roads.
Tabuk Cement explained that it has proven unrealized profits of about 10.33 million riyals within the other comprehensive income items that will not be reclassified later as profit or loss, and these profits result from re-measuring investments in equity instruments at fair value.
According to Al Arabiya.net's calculations, the net profit of Tabuk Cement Company increased by 93% in the fourth quarter of 2020, to about 12.7 million riyals, compared to 6.5 million riyals in the same quarter of 2019.
The company's profits during the first nine months of the year 2020 amounted to about 38.92 million riyals, compared to 17.63 million riyals during the same period last year, with a growth rate of 120.76%.
