Arabian Cement’s profit declines 11% to SAR 184.9 mln in 2020

01/03/2021 Argaam Exclusive

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Arabian Cement Co. reported a net profit after Zakat and tax of SAR 184.9 million in 2020, down 11% compared to SAR 208.7 million in the previous year.

Financials (M)

Item	2019	2020	Change‬
Revenues	781.97	871.92	11.5 %
Gross Income	315.71	302.54	(4.2 %)
Operating Income	256.76	230.82	(10.1 %)
Net Income	208.72	184.94	(11.4 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	2.09	1.85	(11.4 %)

The decline was attributed to an increase in cost of goods sold (COGS) and selling and marketing expenses due to higher volume of export and Zakat provision in the parent company.

However, the cement producer reported increase in sales volume and value in Saudi Arabia and higher dividends from investments, along with lower general and administrative (G&A) expenses and financial charges.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	234.72	290.80	23.9 %
Gross Income	96.13	96.95	0.9 %
Operating Income	78.01	69.45	(11.0 %)
Net Income	73.63	53.33	(27.6 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.74	0.53	(27.6 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	236.96	290.80	22.7 %
Gross Income	102.65	96.95	(5.6 %)
Operating Income	89.45	69.45	(22.4 %)
Net Income	78.90	53.33	(32.4 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.79	0.53	(32.4 %)

The Q4 2020 profit fell 28% year-on-year (YoY) to SAR 53.3 million.

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