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

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 %)

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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