Umm Al Qura Cement Company (UACC) on Monday reported a 1799% jump in its net profits in the fourth quarter of 2017, compared to the year-ago period.
The cement producer’s net profits amounted to SAR 35.1 million during Q4-17 against SAR 1.8 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
For the full year of 2017, the kingdom-based firm posted SAR 65.7 million in net profits, versus a loss worth SAR 10.4 million in the year before.
The company attributed turning to profit during 2017 to an increase in sales, in addition to other revenues at a value of SAR 28.3 million, and a decrease in general and administrative expenses.
UACC’s stock increased 2.7%, closing Monday at SAR 16.74.