Najran Cement announced its annual financial results on the Saudi Stock Exchange with a 281.8 per cent increase in its net profit to SAR204.3m (US$54m) in 2020, compared to SAR53.52m in 2019.
The company attributed the increase to increased sales quantity, lower cost of sales per tonne and lower financing expenses. Najran Cement's sales increased to SAR623.2m in 2020, compared to SAR416.4m in 2019, an increase of about 49.7 per cent.
Najran net profit amounted to SAR83.8m in the 4Q20, compared to SAR35.92m for the same quarter of 2019, up by 133 per cent, according to Al Arabiya.
The company’s net profit increased by 584.6 per cent in the first nine months of 2020, reaching SAR120.5m, compared to SAR17.6min the same period of 2019.
