Saudi Cement Co sees 7% decline in 1Q net profit

Saudi Cement Co reported a 6.9 per cent YoY fall in its net profit in the 1Q19. After taxes and zakat, net profit reached SAR132.4m (US$35.3m), down from SAR142.2m in the 1Q18, according to a statement to the Saudi Stock Exchange on Tuesday.

The YoY drop in profit was attributed to higher sales and marketing expenses, a rise in general and administrative expenses, a growth in Islamic financing as well as a decline in the company’s share in net results of associates.

When compared with the previous quarter, profits increased by 6.1 per cent from SAR124.8m in the 4Q18.

However, the company’s revenues surged by 18.1 per cent to SAR390.4m in the 3M19, when compared to SAR330.5m in the first quarter of the previous year.