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 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	63.90	56.96	(10.9 %)
Gross Income	27.95	22.40	(19.9 %)
Operating Income	24.45	19.11	(21.8 %)
Net Income	18.41	12.47	(32.3 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.33	0.23	(32.3 %)

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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