City Cement net profit falls 6% to SAR 153.8 mln in 9M 2021

01/11/2021 Argaam Exclusive

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City Cement Co. reported a net profit after Zakat and tax of SAR 153.8 million in 9M 2021, a decline of 6% from SAR 163.2 million in the year-earlier period, driven by a decrease in the value of sales and the other income, along with a marginal increase in selling and marketing expenses

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	419.74	402.03	(4.2 %)
Gross Income	191.63	181.11	(5.5 %)
Operating Income	163.91	155.84	(4.9 %)
Net Income	163.22	153.78	(5.8 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.17	1.10	(5.8 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	140.60	111.58	(20.6 %)
Gross Income	62.43	47.24	(24.3 %)
Operating Income	53.54	38.99	(27.2 %)
Net Income	52.95	38.05	(28.1 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.38	0.27	(28.1 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	119.83	111.58	(6.9 %)
Gross Income	57.72	47.24	(18.1 %)
Operating Income	50.31	38.99	(22.5 %)
Net Income	49.71	38.05	(23.5 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.36	0.27	(23.5 %)

The net profit after Zakat and tax slumped 25.5% year-on-year (YoY) to SAR 38 million in Q3 2021, due to lower sales value and volume, along with a decrease in other income.

On a sequential basis, Q3 net profit fell 23.5% from SAR 49.7 million.

Shareholders’ equity, after minority interest, decreased to SAR 1.823 billion as of Sept. 30, 2021, from SAR 2.403 billion a year earlier.

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