Financial Results : City Cement 2021 profit falls 27% to SAR 160.3 mln; Q4 earnings at SAR 6.5 mln

City Cement 2021 profit falls 27% to SAR 160.3 mln; Q4 earnings at SAR 6.5 mln

10/03/2022 Argaam Exclusive

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City Cement Co. reported a net profit after Zakat and tax of SAR 160.3 million in 2021, down 27%, compared to SAR 220.5 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Revenues 572.73 496.73 (13.3 %)
Gross Income 256.96 207.87 (19.1 %)
Operating Income 219.81 174.12 (20.8 %)
Net Income 220.49 160.28 (27.3 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 1.57 1.14 (27.3 %)

The profit drop is due to a decrease in sales value, other income and an increase in Zakat provision despite a decline in the cost of sales and general and administrative expenses.

 

The cement producer’s Q4 2021 net profit after Zakat and tax fell 89% year-on-year (YoY) to SAR 6.5 million.

 

Sequentially, net profit declined 82.9% from SAR 38.05 million in Q3 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 152.99 94.70 (38.1 %)
Gross Income 65.33 26.76 (59.0 %)
Operating Income 55.90 18.29 (67.3 %)
Net Income 57.27 6.51 (88.6 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.41 0.05 (88.6 %)

Total shareholders’ equity, excluding minority interest, declined 0.8% year-on-year to SAR 1.83 billion

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