Arabian Cement’s profit falls 3% to SAR 131.6 mln in 9M 2020

27/10/2020 Argaam Exclusive

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Arabian Cement Co. reported a net profit after Zakat and tax of SAR 131.6 million in the first nine months of 2020, a 3% year-on-year (YoY) decline, compared to SAR 135.1 million a year earlier.

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

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	547.25	581.11	6.2 %
Gross Income	219.58	205.59	(6.4 %)
Operating Income	178.75	161.37	(9.7 %)
Net Income	135.09	131.62	(2.6 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	1.35	1.32	(2.6 %)

In Q3 2020, the cement producer’s net profit after Zakat and tax rose 30% year-on-year (YoY) to SAR 78.9 million, due to higher sales volumes in its Jordan subsidiary, as well as lower general and administrative expenses.

When compared to the previous quarter, net profit surged 938.1%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	193.47	236.96	22.5 %
Gross Income	93.50	102.65	9.8 %
Operating Income	80.43	89.45	11.2 %
Net Income	60.60	78.90	30.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.61	0.79	30.2 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	139.56	236.96	69.8 %
Gross Income	30.95	102.65	231.7 %
Operating Income	14.94	89.45	498.6 %
Net Income	7.61	78.90	937.5 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.08	0.79	937.5 %

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