Najran Cement Co. posted a net profit after Zakat and tax of SAR 120.5 million for the first nine months of 2020, a sharp rise from SAR 17.6 million in the same period last year.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 280.00 | 436.79 | 56.0 % |
| Gross Income | 66.81 | 168.78 | 152.6 % |
| Operating Income | 41.61 | 138.02 | 231.7 % |
| Net Income | 17.60 | 120.49 | 584.6 % |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.10 | 0.71 | 584.6 % |
The increase was attributed to higher sales volume at lower cost of sales per ton, complemented by a decrease in financing expenses. The growth came despite the increase in selling and distribution expenses due to the increase in export sales, and the impact of the precautionary measures taken to prevent the spread of coronavirus, the company said in a statement to Tadawul.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 97.23 | 158.95 | 63.5 % |
| Gross Income | 29.92 | 62.02 | 107.3 % |
| Operating Income | 21.96 | 51.57 | 134.8 % |
| Net Income | 14.13 | 47.41 | 235.4 % |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.08 | 0.28 | 235.4 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 121.45 | 158.95 | 30.9 % |
| Gross Income | 50.33 | 62.02 | 23.2 % |
| Operating Income | 40.40 | 51.57 | 27.6 % |
| Net Income | 32.96 | 47.41 | 43.8 % |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.19 | 0.28 | 43.8 % |
The net profit after Zakat and tax in Q3 2020 stood at SAR 47.41 million, compared to a profit of SAR 14.13 million last year, due to higher sales volume at lower cost of sales per ton, along with a decrease in finance expenses.
On a sequential basis, the Q3 net profit rose 43.8%.
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