Qassim Cement 2021 net profit down 30% to SAR 295.3 mln; Q4 earnings at SAR 33.8 mln

09/02/2022 Argaam Exclusive

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Qassim Cement Co. reported a net profit of SAR 295.3 million for 2021, a decline of 30% from SAR 419.8 million a year earlier, driven by lower sales value and volume and higher cost of sales, despite lower selling and marketing expenses.

Financials (M)

Item	2020	2021	Change‬
Revenues	898.42	722.80	(19.5 %)
Gross Income	473.23	285.95	(39.6 %)
Operating Income	422.28	263.83	(37.5 %)
Net Income	419.84	291.87	(30.5 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	4.66	3.24	(30.5 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	237.67	131.33	(44.7 %)
Gross Income	108.85	3.81	(96.5 %)
Operating Income	99.16	8.45	(91.5 %)
Net Income	113.09	30.44	(73.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.26	0.34	(73.1 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	170.31	131.33	(22.9 %)
Gross Income	69.66	3.81	(94.5 %)
Operating Income	59.70	8.45	(85.8 %)
Net Income	60.39	30.44	(49.6 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.67	0.34	(49.6 %)

Q4 2021 earnings dropped 70% year-on-year (YoY) to SAR 33.8 million.

On a sequential basis, net profit tumbled 44%.

Shareholders' equity, excluding minority interest, at the end of the period amounted to SAR 1.73 billion, compared to SAR 1.80 billion last year.

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