Hail Cement Co.’s solid performance in Q3 2020 was driven by better demand, prices and improved efficiency, which led to higher production, pushing net profit up 200%, CEO Khalid Ahmed told Argaam in a telephone interview.
The company’s clinker stock stood at 3.1 million tons by the end of the third quarter of the year, Ahmed said, expecting a marginal quarterly rise in sales through Q4 2020 and Q1 2021.
Elsewhere, Ahmed said the tripled value-added tax (VAT) had an indirect impact on Hail Cement’s performance, pointing out that the current 5% real estate transaction tax will help improve the sector performance.
The cement producer’s net profit soared to SAR 22.83 million in Q3 2020, from SAR 7.60 million in prior-year period, Argaam reported.
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