Riyadh Cement announces a jump in quarterly profits by 405%.

Riyadh Cement announced on Wednesday to the Saudi Stock Exchange (Tadawul) that net profit saw an increase of 405.523%, reaching 94.58 million riyals compared to 18.71 million riyals recorded by Riyadh Cement in the same period last year.

According to the disclosure, Riyadh Cement clarified that the annual increase in net profit is attributed to the rise in sales value for the third quarter, in addition to the recovery of withholding tax from the Zakat, Tax and Customs Authority amounting to 25 million riyals, which was reversed on Zakat expenses for the third quarter.

During the first nine months of the year, net profit – after deducting Zakat and tax – jumped by approximately 57.617% to record 229.11 million riyals, compared to 145.36 million riyals achieved by Riyadh Cement in the same period last year.

The main reason for the increase in net profit is attributed to the rise in sales value and an increase in other revenues, along with an increase in financing revenues, in addition to the recovery of withholding tax from the Zakat, Tax and Customs Authority amounting to 25 million riyals.