Arabian Cement Co. reported a net profit after Zakat and tax of SAR 131.6 million in the first nine months of 2020, a 3% year-on-year (YoY) decline, compared to SAR 135.1 million a year earlier.
The decline was mainly attributed to lower sales volumes in its Jordan subsidiary due to COVID-19 closures and increase in marketing expenses despite higher dividends from investments in financial instruments.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 547.25 | 581.11 | 6.2 % |
| Gross Income | 219.58 | 205.59 | (6.4 %) |
| Operating Income | 178.75 | 161.37 | (9.7 %) |
| Net Income | 135.09 | 131.62 | (2.6 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 1.35 | 1.32 | (2.6 %) |
In Q3 2020, the cement producer’s net profit after Zakat and tax rose 30% year-on-year (YoY) to SAR 78.9 million, due to higher sales volumes in its Jordan subsidiary, as well as lower general and administrative expenses.
When compared to the previous quarter, net profit surged 938.1%.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 193.47 | 236.96 | 22.5 % |
| Gross Income | 93.50 | 102.65 | 9.8 % |
| Operating Income | 80.43 | 89.45 | 11.2 % |
| Net Income | 60.60 | 78.90 | 30.2 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.61 | 0.79 | 30.2 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 139.56 | 236.96 | 69.8 % |
| Gross Income | 30.95 | 102.65 | 231.7 % |
| Operating Income | 14.94 | 89.45 | 498.6 % |
| Net Income | 7.61 | 78.90 | 937.5 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.08 | 0.79 | 937.5 % |
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