Najran Cement posts SAR 120.5 mln net profit in 9M 2020

26/10/2020 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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