Qassim Cement net profit jumps 16% to SAR 419.8 mln for 2020

04/02/2021 Argaam Exclusive

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Qassim Cement Co. reported net profit after Zakat and tax of SAR 419.8 million for 2020, rising 16% year-on-year (YoY).

The profit increase was driven by higher sales volumes, increase in revenue and lower selling and marketing expenses.

The cement producer also cited higher other revenue, despite rise in cost of sales, for the profit increase.

Financials (M)

Item	2019	2020	Change‬
Revenues	791.79	898.42	13.5 %
Gross Income	426.44	473.23	11.0 %
Operating Income	379.99	422.28	11.1 %
Net Income	360.74	419.84	16.4 %
Average Shares	90.00	90.00	-
EPS (Riyals)	4.01	4.66	16.4 %

In Q4 2020, the company reported net profit after Zakat and tax of SAR 113.1 million, a decline of 22%, compared to SAR 144.1 million in the same period last year.

Shareholders' equity, excluding minority rights, at the end of the period amounted to SAR 1.809 billion, compared to SAR 1.784 million in the same period of the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	293.69	237.67	(19.1 %)
Gross Income	189.68	108.85	(42.6 %)
Operating Income	166.25	99.16	(40.4 %)
Net Income	144.09	113.09	(21.5 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.60	1.26	(21.5 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	231.58	237.67	2.6 %
Gross Income	120.65	108.85	(9.8 %)
Operating Income	111.55	99.16	(11.1 %)
Net Income	110.11	113.09	2.7 %
Average Shares	90.00	90.00	-
EPS (Riyals)	1.22	1.26	2.7 %

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