Saudi Arabian cement companies see combined profits rise 39%

The combined profits of 14 Tadawul-listed Saudi cement companies grew by 39.3 per cent YoY to SAR840.87m during the 3Q20, compared with SAR603.54m in the same period of 2019, according to Mubasher.

A total of 13 cement firms achieved growth in quarterly profits, while Northern Region Cement saw profits fall. The net profit of Southern Province Cement Co was the highest in the third quarter, rising 66.7 per cent YoY to SAR150m.

Qassim Cement saw a 22.1 per cent advance in profit to SAR110.11m, while Saudi Cement Co posted an increase of 28.2 per cent in net profits to SAR106.4m.

Al Jouf Cement recorded the lowest quarterly profit of SAR8.22m but saw the highest quarterly growth rate of 643.4 per cent.

During the 9M20 the combined profits surged 41.3 per cent to SAR2.44bn against SAR1.73bn in the 9M19.