Arabian Cement turns to profit in FY2019

02/03/2020 Argaam Exclusive

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Arabian Cement Co. reported a net profit after Zakat and tax of SAR 208.7 million for the fiscal year 2019 from a net loss of SAR 26.2 million in the year before, it said in a bourse filing.

Financials (M)

Item	2018	2019	Change‬
Revenues	600.73	781.97	30.2 %
Gross Income	37.84	315.71	734.4 %
Operating Income	(30.02)	256.76	955.2 %
Net Income	(26.27)	208.72	894.6 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.26)	2.09	894.6 %

The profit increase is attributed to higher sales driven by a growth in prices in Saudi Arabia and Jordan, and a decrease in general and administrative expenses (G&As).

The company also cited an improvement in earnings from its subsidiary in Jordan, an increase in Zakat and tax provisions, and a decrease in other income.

In Q4 2019, the company posted a more than three-fold increase in net profit to reach SAR 73.61 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	175.30	234.72	33.9 %
Gross Income	17.99	96.13	434.3 %
Operating Income	2.33	78.01	3243.6 %
Net Income	16.31	73.63	351.5 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.16	0.74	351.5 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	193.47	234.72	21.3 %
Gross Income	93.50	96.13	2.8 %
Operating Income	80.43	78.01	(3.0 %)
Net Income	60.60	73.63	21.5 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.61	0.74	21.5 %

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