Umm Al-Qura Cement reports more than seven-fold profit increase in FY19
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Umm Al-Qura Cement Co. (UACC) reported a net profit after Zakat and tax of SAR 79.8 million for the fiscal year of 2019, an increase of more than seven-fold year-on-year (YoY), the company said in a bourse statement.
The profit hike was mainly driven by higher sales volumes and revenue, improved selling prices and lower selling and marketing expenses, despite increased zakat expenses.
The Saudi cement producer reported net profit of SAR 27.1 million in Q4 2019, compared to net profit of SAR 3.69 million in Q4 2018.