Tabuk Cement sees profits rise 113% in 2020

Saudi Arabia’s Tabuk Cement has seen its net profit surge 113.2 per cent to SAR51.58m (US$13.75m) in 2020, compared with SAR24.19m in the previous year.

The increase in profit was driven by a rise in sales and other revenues, alongside a drop in the cost of sales, selling and marketing and financing expenses.

Revenues also advanced 15.8 per cent YoY to SAR276.45m from SAR238.66m in 2019.