Umm Al-Qura Cement posts 17% decline in H1 2021 net profit to SAR 49.5 mln

01/08/2021 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a net profit after Zakat and tax of SAR 49.5 million in the first half of 2021, down 17%, from SAR 59.5 million in the year-earlier period.

The decline was attributed to lower sales value, higher selling and marketing expenses as well as general and administrative expenses, and Zakat charges.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	159.01	154.30	(3.0 %)
Gross Income	78.56	68.81	(12.4 %)
Operating Income	72.53	62.27	(14.1 %)
Net Income	59.49	49.45	(16.9 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	1.08	0.90	(16.9 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	62.56	63.90	2.1 %
Gross Income	30.42	27.95	(8.1 %)
Operating Income	27.53	24.45	(11.2 %)
Net Income	20.98	18.41	(12.2 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.38	0.33	(12.2 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	90.41	63.90	(29.3 %)
Gross Income	40.86	27.95	(31.6 %)
Operating Income	37.82	24.45	(35.4 %)
Net Income	31.04	18.41	(40.7 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.56	0.33	(40.7 %)

In Q2 2021, net profit after Zakat and tax fell 12% year-on-year (YoY) to SAR 18.4 million, hit by higher cost of sales, along with an increase in selling and marketing expenses as well as general and administrative expenses, and Zakat charges.

On a sequential basis, net profit after Zakat and tax plunged 40.7% from SAR 31 million.

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