City Cement net profit rises 45% to SAR 106.7 mln in H1 2020

06/08/2020 Argaam Exclusive

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City Cement Co. reported a net profit after Zakat and tax of SAR 106.7 million in the first half of 2020, compared to a net profit of SAR 73.7 million a year earlier, backed by higher sales revenue and volumes, along with a rise in other revenue.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	245.16	279.14	13.9 %
Gross Income	93.54	129.20	38.1 %
Operating Income	75.31	110.37	46.5 %
Net Income	73.67	110.27	49.7 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.53	0.79	49.7 %

In Q2 2020, the cement producer posted a 12% rise year-on-year (YoY) in net profit after Zakat and tax to SAR 36.2 million, on increased revenue and other income, as well as lower selling, general and administrative expenses.

When compared to the previous quarter, net profit dropped 48.7% hit by a decline in revenue and sales volumes during the holy month of Ramadan and Eid Al-Fitr, as well as the COVID-19 pandemic impact on markets.

A decrease in other income also weighed on the quarterly figures.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	108.06	108.87	0.7 %
Gross Income	42.25	46.96	11.2 %
Operating Income	33.19	38.26	15.3 %
Net Income	32.25	38.04	18.0 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.23	0.27	18.0 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	170.28	108.87	(36.1 %)
Gross Income	82.24	46.96	(42.9 %)
Operating Income	72.11	38.26	(46.9 %)
Net Income	72.23	38.04	(47.3 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.52	0.27	(47.3 %)

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