Financial Results : City Cement net profit down 9% to SAR 66 mln in Q1 2021

City Cement net profit down 9% to SAR 66 mln in Q1 2021

04/05/2021 Argaam Exclusive

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City Cement Co. reported a net profit after Zakat and tax of SAR 66 million, a drop of 8.6% from SAR 72.2 million in the year-ago period, hit by lower sales revenue amid lower average selling prices, despite the increase in sales volumes, along with a decrease in selling, general, administrative and marketing expenses.

 

The cement producer also cited a decline in income from investments and in its profit share from an associate, as well as foreign exchange losses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 170.28 170.63 0.2 %
Gross Income 82.24 76.15 (7.4 %)
Operating Income 72.11 66.53 (7.7 %)
Net Income 72.23 66.02 (8.6 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.52 0.47 (8.6 %)

When compared to Q4 2020, the company’s net profit after Zakat and tax increased 5.2% from SAR 62.7 million, backed by better sales volumes and value, along with lower general and administrative expenses.

 

Shareholders’ equity, excluding minority interest, dropped 20.5% to SAR 1.841 billion by the end of Q1 2021, compared to SAR 2.316 billion in the year-ago period.

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