City Cement posts 16% profit rise to SAR 220.5 mln in 2020

28/02/2021 Argaam Exclusive

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City Cement Co. reported a net profit after Zakat and tax of SAR 220.5 million in 2020, compared to a net profit of SAR 190 million a year earlier, backed by higher sales revenue and volumes, along with a rise in other revenue.

Financials (M)

Item	2019	2020	Change‬
Revenues	531.38	572.73	7.8 %
Gross Income	231.11	256.96	11.2 %
Operating Income	195.03	219.81	12.7 %
Net Income	190.10	220.49	16.0 %
Average Shares	140.00	140.00	-
EPS (Riyals)	1.36	1.57	16.0 %

In Q4 2020, the cement producer posted a decrease of 5% year-on-year (YoY) in net profit after Zakat and tax to SAR 62.7 million.

Shareholders’ equity, excluding minority interest, stood at SAR 1.845 billion in 2020, a drop of 18.3% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	158.26	152.99	(3.3 %)
Gross Income	81.36	65.33	(19.7 %)
Operating Income	71.94	55.90	(22.3 %)
Net Income	65.90	57.27	(13.1 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.47	0.41	(13.1 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	140.60	152.99	8.8 %
Gross Income	62.43	65.33	4.6 %
Operating Income	53.54	55.90	4.4 %
Net Income	52.95	57.27	8.2 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.38	0.41	8.2 %

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