Southern Province 1Q profit up 18%

Saudi cement producer Southern Province Cement Co reported 17.6 per cent YoY growth in 1Q profits (after zakat and tax) to SAR120m (US$32m) in 2019. When compared with the previous quarter, profits surged 130.8 per cent from SAR52m in 4Q18.

The increase in profit was attributed to a 24.8 per cent increase in sales revenues to SAR342m, a 37.3 hike in sales volume and a 9.6 per cent decline in financing costs, according to a company statement to the Saudi Stock Exchange.