Dubai, UAE — Arabian Cement Company posted a net profit of SAR49.2 million ($13.11 million) in the first quarter of 2023, a rise of 17 percent from SAR41.9 million in the same quarter of 2022.
The revenue for the first quarter reached SAR240.1 million, less 7.4 percent from SAR259.3 million during the same period last year, the company said in Tadawul disclosure.
The company attributed the rise in net profit to an increase in the average selling price, decrease in cost of sales, decrease in selling and distribution expenses as a result of decrease in export sales volume for the parent company, decrease in general and administrative expenses and increase in other income, despite the decrease in sales volume, the company said in a statement.
The rise in net profit in the current quarter compared to the previous quarter was attributed to an increase in the average selling price, decrease in cost of sales, decrease in general and administrative expenses, and decrease in zakat and income tax despite the decrease in sales.