Riyadh - Mubasher: Saudi Vitrified Clay Pipes Company (SVCP) on Thursday reported 238.1% higher net profits after Zakat and tax over the first quarter (Q1) of 2020, as shown by the company's interim financial results.
Year-on-year (YoY), the profits soared to SAR 5.41 million during the January-March period of the year, compared with SAR 1.6 million in Q1-19, according to a disclosure to the Saudi Stock Exchange (Tadawul).
Revenues reached SAR 40.55 million over Q1-20, up by 34.5% from SAR 30.1 million.
According to the statement, the positive interim results are attributed to a growth in the company's sales and a decrease in sales costs and operating expenses.
In fiscal year (FY) 2019, net profits after Zakat and tax of Saudi Vitrified Clay amounted to SAR 8.8 million, up 100% from SAR 4.4 million in the previous year.
