Financial Results : Umm Al-Qura Cement 9M 2021 profit drops 32% to SAR 61.9 mln

Umm Al-Qura Cement 9M 2021 profit drops 32% to SAR 61.9 mln

27/10/2021 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a net profit after Zakat and tax of SAR 61.9 million for the first nine months of 2021, a decrease of 32%, from SAR 91.4 million in the same period a year ago.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 246.62 211.26 (14.3 %)
Gross Income 120.17 91.21 (24.1 %)
Operating Income 111.07 81.38 (26.7 %)
Net Income 91.40 61.93 (32.2 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 1.66 1.13 (32.2 %)

The company attributed the profit drop to lower sales volumes and higher selling and marketing expenses, general and administrative expenses and Zakat expenses. This was partially offset by lower financing costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 87.61 56.96 (35.0 %)
Gross Income 41.62 22.40 (46.2 %)
Operating Income 38.55 19.11 (50.4 %)
Net Income 31.91 12.47 (60.9 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.58 0.23 (60.9 %)

The company’s net profit after Zakat and tax for Q3 2021 stood at SAR 12.5 million, declining by 61% year-on-year (YoY), due to lower sales volumes.

 

On a sequential basis, Q3 2021 net profit dropped 32.2% on higher financing costs.

 

Shareholder’s equity, excluding minority rights, in 9M 2021 stood at SAR 733 million, compared to SAR 694.2 million a year ago.

 

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