Najran Cement posts SAR 73.1 mln net profit in H1 2020

27/07/2020 Argaam Exclusive

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Najran Cement Co. posted a net profit after Zakat and tax of SAR 73.1 million for the first half of 2020, compared to SAR 3.5 million a year earlier.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	182.76	277.83	52.0 %
Gross Income	36.89	106.76	189.4 %
Operating Income	19.65	86.45	340.0 %
Net Income	3.47	73.08	2009.0 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.02	0.43	2009.0 %

The over 20 times profit increase was driven by significantly higher sales volume at a lower cost of sales per ton and a decline in financing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	76.26	121.45	59.3 %
Gross Income	14.28	50.33	252.5 %
Operating Income	5.61	40.40	620.3 %
Net Income	(2.59)	32.96	1371.6 %
Average Shares	170.00	170.00	-
EPS (Riyals)	(0.02)	0.19	1371.6 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	156.38	121.45	(22.3 %)
Gross Income	56.43	50.33	(10.8 %)
Operating Income	46.06	40.40	(12.3 %)
Net Income	40.12	32.96	(17.8 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.24	0.19	(17.8 %)

The cement producer reported a net profit after Zakat and tax of SAR 33 million for Q2 2020, compared to a net loss of SAR 2.6 million due to a rise in sales volumes.

When compared to the previous quarter, net profit after Zakat and tax fell 17.8% on lower sales volumes during Ramadan amid precautionary measures to curb the spread of coronavirus.

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