Najran Cement H1 2021 profit rises 28% to SAR 93.5 mln

04/08/2021 Argaam Exclusive

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Najran Cement Co. posted a net profit after Zakat and tax of SAR 93.5 million for the first half of 2021, rising 28% from SAR 73.1 million in the same period a year earlier.

The company attributed the profit rise to higher sales and a decline in financing expenses.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	277.83	316.01	13.7 %
Gross Income	106.76	122.05	14.3 %
Operating Income	86.45	98.91	14.4 %
Net Income	73.08	93.45	27.9 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.43	0.55	27.9 %

The cement producer reported a net profit after Zakat and tax of SAR 32.7 million for Q2 2021, declining marginally from SAR 32.9 million in the year-ago period, backed by higher cost of sales per ton.

When compared to the previous quarter, net profit after Zakat and tax fell 46.1% on cyclical trend of lower cement demand due to Ramadan and Eid Al Fitr.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	121.45	131.58	8.3 %
Gross Income	50.33	46.66	(7.3 %)
Operating Income	40.40	35.05	(13.2 %)
Net Income	32.96	32.71	(0.8 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.19	0.19	(0.8 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	184.43	131.58	(28.7 %)
Gross Income	75.39	46.66	(38.1 %)
Operating Income	63.46	35.05	(44.8 %)
Net Income	60.34	32.71	(45.8 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.35	0.19	(45.8 %)

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