Saudi Arabia’s Al Jouf Cement reported a 643.4 per cent YoY surge in net profit to SAR8.22m (US$2.19m) for the third quarter of 2020, compared to SAR1.1m in the corresponding period of last year. The company’s revenue advanced to SAR68.9m in the July-September period, rising 155.5 per cent YoY.
The growth in quarterly earnings was supported by an increase in sales volume and value, coupled with a decrease in the cost of sales per tonne as production rose, according to a stock exchange statement.
In the first nine months of the year, Al Jouf’s net profit increased 1030 per cent YoY to SAR30.7m.
