Yanbu Cement Co. reported a net profit after Zakat and tax of SAR 129.6 million for the first half of 2020, a rise of 15% year-on-year (YoY), compared to SAR 113 million in the same period last year.
The increase in profits was driven by higher sales volumes, along with a drop in selling, general and administrative expenses.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 469.38 | 434.33 | (7.5 %) |
| Gross Income | 155.83 | 167.18 | 7.3 % |
| Operating Income | 121.62 | 141.39 | 16.3 % |
| Net Income | 112.96 | 128.68 | 13.9 % |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.72 | 0.82 | 13.9 % |
The second quarter net profit after Zakat and tax declined 7% to SAR 37.3 million, from SAR 40 million in Q2 2019, hit by the allocation of an additional Zakat provision.
When compared to the previous quarter, Q2 net profit plunged 59.5%, due to lower sales during the holy month of Ramadan and Eid Al-Fitr, as well as higher Zakat provision. Moreover, the market was roiled by the coronavirus pandemic.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 209.57 | 156.93 | (25.1 %) |
| Gross Income | 63.15 | 56.13 | (11.1 %) |
| Operating Income | 40.41 | 43.59 | 7.8 % |
| Net Income | 40.44 | 36.67 | (9.3 %) |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.26 | 0.23 | (9.3 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 277.40 | 156.93 | (43.4 %) |
| Gross Income | 111.05 | 56.13 | (49.5 %) |
| Operating Income | 97.80 | 43.59 | (55.4 %) |
| Net Income | 92.02 | 36.67 | (60.2 %) |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.58 | 0.23 | (60.2 %) |
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