Financial Results : Arabian Cement net profit up 5% to SAR 138.2 mln in 9M 2021

Arabian Cement net profit up 5% to SAR 138.2 mln in 9M 2021

26/10/2021 Argaam Exclusive

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Arabian Cement Co. reported a net profit after Zakat and tax of SAR 138.2 million for the first nine months of 2021, a 5% increase, from SAR 131.6 million in the same period last year.

 

The company attributed the profit increase to higher sales volume and value in Arabian Cement and its subsidiary in Jordan despite the decrease in average selling price and increase of marketing expenses amid higher export volume.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 581.11 777.40 33.8 %
Gross Income 205.59 234.86 14.2 %
Operating Income 161.37 161.70 0.2 %
Net Income 131.62 138.21 5.0 %
Average Shares 100.00 100.00 -
EPS (Riyals) 1.32 1.38 5.0 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 236.96 222.92 (5.9 %)
Gross Income 102.65 67.76 (34.0 %)
Operating Income 89.45 45.74 (48.9 %)
Net Income 78.90 37.73 (52.2 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.79 0.38 (52.2 %)

The cement producer reported a net profit of SAR 37.7 million for Q3 2021, a 52% year-on-year (YoY) decline, on lower sales value as result of the decrease of average selling prices and increase in the cost of goods sold (COGS) and marketing expenses.

 

On a sequential basis, net profit grew 12.5% QoQ from SAR 12.54 million in Q2 2021.

 

Total shareholders' equity, excluding minority interests, amounted to SAR 2.779 million as of Sept. 30, 2021, compared to SAR 2.823 million in the year-earlier period. 

 

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