City Cement sees 96% rise in revenues, back in profit in 3Q19

Saudi-based City Cement Co reported profits of SAR50.5m (US$13.5m) in the 3Q19 when compared with SAR2.38m loses in the same quarter of 2018, according to Mubasher. Total revenues increased by 95.8 per cent to SAR127.9m in the third quarter, compared to SAR65.3m in the 3Q18, said a bourse statement.

In the first nine months of 2019, net profits of City Cement soared by 283.3 per cent to SAR124m, from SAR32.39m in the same period of the previous year. City Cement generated SAR373m in revenues, up 45.4 per cent when compared with SAR256.5m in the 9M18.