Financial Results : Saudi Cement H1 2021 profit drops 8% to SAR 205.8 mln

Saudi Cement H1 2021 profit drops 8% to SAR 205.8 mln

10/08/2021 Argaam Exclusive

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Saudi Cement Co. reported a net profit after Zakat and tax of SAR 205.8 million for the first half of 2021, declining by 8% from SAR 224.2 million a year earlier.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 747.81 777.19 3.9 %
Gross Income 326.45 312.34 (4.3 %)
Operating Income 240.69 216.64 (10.0 %)
Net Income 224.20 205.79 (8.2 %)
Average Shares 153.00 153.00 -
Earnings Per Share before unusual items 1.47 1.35 (8.2 %)
EPS (Riyals) 1.47 1.35 (8.2 %)

The company attributed the profit drop to lower selling prices and other revenues, and higher selling and distribution expenses.

 

This was partially offset by the increase in sales volume and share in net results of associates, along with lower financing costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 297.45 348.12 17.0 %
Gross Income 123.67 138.70 12.2 %
Operating Income 82.92 91.96 10.9 %
Net Income 75.70 86.37 14.1 %
Average Shares 153.00 153.00 -
Earnings Per Share before unusual items 0.49 0.56 14.1 %
EPS (Riyals) 0.49 0.56 14.1 %

The second-quarter net profit after Zakat and tax rose 14% year-on-year (YoY) to SAR 86.4 million, due to higher sales and lower financial charges.

 

On a quarterly basis, net profit plunged 27.6%, due to lower sales during the holy month of Ramadan and Eid Al-Fitr, in addition to higher financial charges.

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