Arabian Cement’s profit falls 29% to SAR 53 mln in H1 2020

26/07/2020 Argaam Exclusive

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Arabian Cement Co. reported a net profit after Zakat and tax of SAR 52.7 million, a 29% decline year-on-year (YoY), compared to SAR 74.5 million a year earlier.

The decline was mainly attributed to lower sales volumes in its Jordan subsidiary due to COVID-19 closures, higher cost of sales, general, administrative, and marketing expenses, despite increased dividends from investments in financial instruments.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	353.78	344.15	(2.7 %)
Gross Income	126.09	102.93	(18.4 %)
Operating Income	98.32	71.92	(26.8 %)
Net Income	74.49	52.72	(29.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.74	0.53	(29.2 %)

In Q2 2020, the company’s net profit after Zakat and tax fell 80% YoY to SAR 8 million, due to lower sales volumes in its Jordan subsidiary and higher sales cost and expenses.

When compared to the previous quarter, net profit dropped 83.1%.

Shareholders’ equity (after deducting minority rights) edged up 0.83% to SAR 2.81 billion in the first half of 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	164.65	139.56	(15.2 %)
Gross Income	64.39	30.95	(51.9 %)
Operating Income	49.62	14.94	(69.9 %)
Net Income	37.34	7.61	(79.6 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.37	0.08	(79.6 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	204.60	139.56	(31.8 %)
Gross Income	71.98	30.95	(57.0 %)
Operating Income	56.98	14.94	(73.8 %)
Net Income	45.11	7.61	(83.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.45	0.08	(83.1 %)

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