Saudi Arabia's Arabian Cement Co swings back into profit in Q2 2019
The Jeddah-based firm reported revenues of $43.9m in the second quarter and $94.3m in the first half of 2019
Saudi Arabian stock exchange-listed (Tadawul) Arabian Cement Company has swung back into profit by 172.8% in the second quarter of 2019, recovering from a net loss of $13.6m (SAR50.9m) in the same period last year, with net profit in Q2 2019 reaching $9.9m (SAR37.3m).
In a stock market missive, the company reported revenues of $43.9m (SAR164.6m) in the second quarter of 2019, an increase of 53% from $28.7m (SAR107.8) in Q2 2018.
The company attributed the recovery in profits to an increase in the value of sales which was affected by the rise in average selling price, lower cost of sales and administrative expenses, according to its bourse filing in Arabic.
Profits from its subsidiary in Jordan — despite recording a decrease in volume of sales and other revenues — also affected the company’s Q2 results positively.
H1 2019 net profits at the company spiked by 230.9% to reach $19.9m (SAR74.5m), recovering from net loss of $15.2m (SAR57m) in the same period in 2018.
Revenue for the same period stood at $94.3m (SAR353.8m), compared to $82m (SAR307.5) in H1 2018.