Arabian Cement Co. reported a net profit after Zakat and tax of SAR 52.7 million, a 29% decline year-on-year (YoY), compared to SAR 74.5 million a year earlier.
The decline was mainly attributed to lower sales volumes in its Jordan subsidiary due to COVID-19 closures, higher cost of sales, general, administrative, and marketing expenses, despite increased dividends from investments in financial instruments.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 353.78 | 344.15 | (2.7 %) |
| Gross Income | 126.09 | 102.93 | (18.4 %) |
| Operating Income | 98.32 | 71.92 | (26.8 %) |
| Net Income | 74.49 | 52.72 | (29.2 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.74 | 0.53 | (29.2 %) |
In Q2 2020, the company’s net profit after Zakat and tax fell 80% YoY to SAR 8 million, due to lower sales volumes in its Jordan subsidiary and higher sales cost and expenses.
When compared to the previous quarter, net profit dropped 83.1%.
Shareholders’ equity (after deducting minority rights) edged up 0.83% to SAR 2.81 billion in the first half of 2020.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 164.65 | 139.56 | (15.2 %) |
| Gross Income | 64.39 | 30.95 | (51.9 %) |
| Operating Income | 49.62 | 14.94 | (69.9 %) |
| Net Income | 37.34 | 7.61 | (79.6 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.37 | 0.08 | (79.6 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 204.60 | 139.56 | (31.8 %) |
| Gross Income | 71.98 | 30.95 | (57.0 %) |
| Operating Income | 56.98 | 14.94 | (73.8 %) |
| Net Income | 45.11 | 7.61 | (83.1 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.45 | 0.08 | (83.1 %) |
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