Northern Cement's net profit up 41% to SAR 41.7 mln in H1 2020

Northern Cement's net profit up 41% to SAR 41.7 mln in H1 2020

12/08/2020 Argaam Exclusive

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Northern Region Cement Co. reported a net profit after Zakat and tax of SAR 41.7 million for the first half of 2020, an increase of 41% year-on-year (YoY), driven by higher sales revenue, and lower cost of finance, despite higher Zakat provisions.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 268.57 312.20 16.2 %
Gross Income 100.24 93.78 (6.4 %)
Operating Income 54.33 55.10 1.4 %
Net Income 29.39 41.37 40.8 %
Average Shares 180.00 180.00 -
Earnings Per Share before unusual items 0.16 0.18 12.2 %
EPS (Riyals) 0.16 0.23 40.8 %

The cement producer's net profit after Zakat and tax for the second quarter declined 0.16% YoY to SAR 14 million, due to higher Zakat provisions.

 

On a quarter-on-quarter basis, the profit for the current quarter dropped by 49.15%.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 144.25 132.04 (8.5 %)
Gross Income 49.12 39.91 (18.8 %)
Operating Income 27.35 24.14 (11.7 %)
Net Income 13.97 13.93 (0.3 %)
Average Shares 180.00 180.00 -
Earnings Per Share before unusual items 0.08 0.08 (0.3 %)
EPS (Riyals) 0.08 0.08 (0.3 %)

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