Umm Al-Qura Cement's net profit rises 76% to SAR 60 mln in H1 2020

28/07/2020 Argaam Exclusive

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Umm Al-Qura Cement Co. (UACC) reported a net profit after Zakat and tax of SAR 60 million for the first half of 2020, an increase of 76% year-on-year (YoY), driven by higher sales revenue, strong sales volumes and improved selling prices.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	109.95	159.01	44.6 %
Gross Income	51.89	78.56	51.4 %
Operating Income	46.23	72.53	56.9 %
Net Income	33.78	59.49	76.1 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.61	1.08	76.1 %

The company’s net profit after Zakat and tax for the second quarter stood at SAR 21 million, up 71% YoY, due to higher sales volumes, increased revenue, and improved selling prices.

The cement producer also cited lower general and administrative expenses.

On a quarter-on-quarter basis, the profit for the current quarter decreased by 45.54%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	46.42	62.56	34.8 %
Gross Income	21.55	30.42	41.1 %
Operating Income	18.43	27.53	49.4 %
Net Income	12.29	20.98	70.7 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.22	0.38	70.7 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	96.45	62.56	(35.1 %)
Gross Income	48.14	30.42	(36.8 %)
Operating Income	45.00	27.53	(38.8 %)
Net Income	38.51	20.98	(45.5 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.70	0.38	(45.5 %)

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