Umm Al Qura reports net profit surge in 1Q20

Saudi Arabia’s Umm Al Qura has seen its net profit increase 79.1 per cent YoY to SAR38.5m (US$10.27m) in the first quarter of 2020, rising from SAR21.5m in the year-ago period.

Quarterly sales surged 52 per cent to SAR96.5m from SAR63.5m. Average selling prices were also reported to have improved in the 1Q20.