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.
| 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 | - |
| 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.
| 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 | - |
| EPS (Riyals) | 0.49 | 0.56 | 14.1 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 429.07 | 348.12 | (18.9 %) |
| Gross Income | 173.63 | 138.70 | (20.1 %) |
| Operating Income | 124.68 | 91.96 | (26.2 %) |
| Net Income | 119.42 | 86.37 | (27.7 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.78 | 0.56 | (27.7 %) |
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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