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.
| 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.
| 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 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 111.58 | 94.70 | (15.1 %) |
| Gross Income | 47.24 | 26.76 | (43.4 %) |
| Operating Income | 38.99 | 18.29 | (53.1 %) |
| Net Income | 38.05 | 6.51 | (82.9 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.27 | 0.05 | (82.9 %) |
Total shareholders’ equity, excluding minority interest, declined 0.8% year-on-year to SAR 1.83 billion
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