Umm Al Qura Cement returns to profits

Umm Al Qura Cement Co reported a profit of SAR18.9m (US$5.04m) in the 3Q19, when compared with a loss of SAR3.93m posted in the 3Q18.

Revenues of the Saudi cement producers surged 89.7 per cent to SAR63.96m in the 3Q19, compared with SAR33.7m in the year-ago quarter, according to a bourse statement.

For the first nine months of 2019, net profits surged by 719 per cent to SAR52.7m from SAR6.43m in the 9M18. Total revenues were up 43 per cent YoY to SAR173.9m.