Qassim Cement 9M 2020 net profit up 42% to SAR 306.8 mln

01/11/2020 Argaam Exclusive

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Qassim Cement Co. reported a net profit after Zakat and tax of SAR 306.8 million for the first nine months of 2020, a 42% year-on-year (YoY) increase, compared to SAR 216.6 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	498.10	660.76	32.7 %
Gross Income	236.76	364.38	53.9 %
Operating Income	213.74	323.12	51.2 %
Net Income	216.64	306.75	41.6 %
Average Shares	90.00	90.00	-
EPS (Riyals)	2.41	3.41	41.6 %

The company attributed the increase in net profit to higher sales, driven by an increase in sales volume and the improvement in average selling prices, in addition to higher net other income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	190.18	231.58	21.8 %
Gross Income	96.33	120.65	25.3 %
Operating Income	88.15	111.55	26.5 %
Net Income	90.17	110.11	22.1 %
Average Shares	90.00	90.00	-
EPS (Riyals)	1.00	1.22	22.1 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	167.44	231.58	38.3 %
Gross Income	90.89	120.65	32.7 %
Operating Income	82.36	111.55	35.4 %
Net Income	85.47	110.11	28.8 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.95	1.22	28.8 %

The cement producer reported a net profit of SAR 110.1 million for Q3 2020, a 22% YoY increase, on higher sales and financial investments return.

When compared to previous quarter, Q3 net profit grew 28.8% on higher sales.

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