Arabian Cement’s 2021 net profit falls 13% to SAR 161.5 mln; Q4 drops 56% to SAR 23.3 mln

28/02/2022 Argaam Exclusive

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Arabian Cement Co. reported a net profit after Zakat and tax of SAR 161.5 million for 2021, a drop of 13% from SAR 184.9 million last year.

Financials (M)

Item	2020	2021	Change‬
Revenues	871.92	1,033.21	18.5 %
Gross Income	302.54	308.94	2.1 %
Operating Income	230.82	205.21	(11.1 %)
Net Income	184.94	161.52	(12.7 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	1.85	1.62	(12.7 %)

The profit decline was attributed to lower average selling prices of the parent company, an increase in the marketing expenses due to higher export volume and G&A expenses, and higher income tax due to expiry of tax exemption period in the subsidiary company in Jordan.

The firm also noted impairment provision for projects under construction, despite an increase in sales volume and value in Arabian Cement and the Jordanian subsidiary, along with an increase of profit of subsidiary and associate companies.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	290.80	255.80	(12.0 %)
Gross Income	96.95	74.08	(23.6 %)
Operating Income	69.45	43.51	(37.4 %)
Net Income	53.33	23.31	(56.3 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.53	0.23	(56.3 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	222.92	255.80	14.7 %
Gross Income	67.76	74.08	9.3 %
Operating Income	45.74	43.51	(4.9 %)
Net Income	37.73	23.31	(38.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.38	0.23	(38.2 %)

The cement producer reported a net profit of SAR 23.3 million for Q4 2021, a 56% year-on-year (YoY) decline.

On a sequential basis, the Q4 profit slipped 38.3%.

Total shareholders' equity, excluding minority interests, amounted to SAR 2.749 billion in 2021, compared to SAR 2.872 billion in 2020.

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