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Southern Province Cement reports 32% profit increase 05 March 2021
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.
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Here are a few things you need to know as Saudi stocks start trading on Wednesday.
- National Commercial Bank (NCB) and Samba Financial Group received the approval of the Saudi Central Bank (SAMA) for the merger and a number of relevant matters.
- Solidarity Takaful Co. s board of directors approved the resignation of chief executive officer Bader bin Khalid Al-Anzi, citing personal reasons.
- Aseer Trading, Tourism and Manufacturing Co.’s subsidiary, Al Rabie Saudi Foods Co. Ltd., signed a Shariah-compliant financing agreement at a total value of SR 342 million ($91.2 million), with Samba Financial Group.
- Saudi Ground Services Co.’s planned expansions of the Kingdom s airports will create new opportunities for the company as well as other market competitors after the end of the pandemic outbreak.