Najran Cement 2021 profit falls 18% to SAR 165.6 mln, Q4 down 55% to SAR 36 mln

28/02/2022 Argaam Exclusive

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Najran Cement Co. reported a net profit after Zakat and tax of SAR 165.6 million in 2021, down 18%, compared to SAR 200.9 million.

Financials (M)

Item	2020	2021	Change‬
Revenues	623.20	581.55	(6.7 %)
Gross Income	249.92	230.32	(7.8 %)
Operating Income	205.28	180.94	(11.9 %)
Net Income	200.94	165.55	(17.6 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	1.18	0.97	(17.6 %)

The decline in earnings is due to lower sales and recording a positive adjustment to last year’s Zakat provision, despite a decrease in finance expenses in the current year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	186.41	139.66	(25.1 %)
Gross Income	81.14	58.97	(27.3 %)
Operating Income	67.26	43.22	(35.7 %)
Net Income	80.45	36.03	(55.2 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.47	0.21	(55.2 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	125.89	139.66	10.9 %
Gross Income	49.30	58.97	19.6 %
Operating Income	38.82	43.22	11.3 %
Net Income	36.07	36.03	(0.1 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.21	0.21	(0.1 %)

The company’s Q4 2021 net profit after Zakat and tax declined 55% year-on-year to SAR 36 million.

Sequentially, net profit fell marginally from Q3 2021.

Total shareholders' equity, excluding minority interest, decreased to SAR 1.965 billion in 2021, compared to SAR 2.055 billion in 2020.

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