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 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	232.98	222.92	(4.3 %)
Gross Income	62.97	67.76	7.6 %
Operating Income	37.62	45.74	21.6 %
Net Income	33.52	37.73	12.5 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.34	0.38	12.5 %

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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