Riyadh – Mubasher: Al Jouf Cement Company and the Saudi Industrial Export Company (SIEC) have extended selling and marketing contract for one year, starting from 27 November.
The financial impact of extending the deal will appear in their earnings statements by the end of 2019, according to a statement to the Saudi Stock Exchange (Tadawul).
In November 2017, SIEC and Al Jouf Cement inked an agreement for selling and marketing the export of 72,000 tonnes of cement annually to Jordan.
SIEC last reported a 96.5% year-on-year decline in losses during the third quarter of 2018, logging SAR 376,000, compared to SAR 10.63 million.
During the first nine months of 2018, the company turned a profit after generating SAR 12.55 million, against SAR 25.66 million in losses in the corresponding nine-month period of 2017.
Al Jouf Cement Company last reported turning to losses after suffering SAR 18.9 million in Q3-18, against a profit of SAR 5.8 million in Q3-17.
SIEC’s stock levelled up 9.94% to end Monday trading session at SAR 78.50, while Al Jouf Cement’s stock inched up 0.56%, reaching SAR 7.84.
