Southern Province Cement reports 32% profit increase

Saudi Arabia’s Southern Province Cement has reported a 31.5 per cent rise in net profit after zakat and tax to SAR609m (US$162.4m) in 2020, compared with SAR463m in the previous year.

The company attributed the increase in net profit to higher sales revenue, a decrease in financing costs and an increase in other miscellaneous revenues, according to a statement.

Its revenue also advanced 27.2 per cent YoY to SAR1.65bn from SAR1.3bn in 2019.