Najran Cement 9M 2021 net profit up 8% to SAR 129.5 mln

02/11/2021 Argaam Exclusive

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Najran Cement Co. posted a net profit after Zakat and tax of SAR 129.5 million for the first nine months of 2021, up 8% from SAR 120.5 million in the same period last year.

The company attributed the profit rise to lower finance expenses.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	436.79	441.90	1.2 %
Gross Income	168.78	171.35	1.5 %
Operating Income	138.02	137.73	(0.2 %)
Net Income	120.49	129.52	7.5 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.71	0.76	7.5 %

The company reported a net profit after Zakat and tax of SAR 36.1 million, down 24% year-on-year (YoY), due to lower sales volume.

On a sequential basis, Q3 2021 net profit rose 10.2%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	158.95	125.89	(20.8 %)
Gross Income	62.02	49.30	(20.5 %)
Operating Income	51.57	38.82	(24.7 %)
Net Income	47.41	36.07	(23.9 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.28	0.21	(23.9 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	131.58	125.89	(4.3 %)
Gross Income	46.66	49.30	5.7 %
Operating Income	35.05	38.82	10.7 %
Net Income	32.71	36.07	10.3 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.19	0.21	10.3 %

Total shareholders’ equity, excluding minority rights, amounted to SAR 193.4 million in 9M 2021 compared to SAR 2.104 billion in the year-ago period.

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