Qassim Cement net profit rises 2% to SAR 201.1 mln in H1 2021

11/08/2021 Argaam Exclusive

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Qassim Cement Co. reported a net profit after Zakat and tax of SAR 201.1 million for H1 2021, a rise of 2% compared to SAR 196.6 million in H1 2020, driven by higher financial investments returns and sales volume, along with a decline in general and administrative expenses.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	429.18	421.16	(1.9 %)
Gross Income	243.73	212.48	(12.8 %)
Operating Income	211.58	195.68	(7.5 %)
Net Income	196.64	201.05	2.2 %
Average Shares	90.00	90.00	-
EPS (Riyals)	2.18	2.23	2.2 %

The profit increase came despite lower sales value due to a decrease in the average selling price, in addition to higher selling and marketing expenses and lower other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	167.44	197.81	18.1 %
Gross Income	90.89	100.09	10.1 %
Operating Income	82.36	91.69	11.3 %
Net Income	85.47	100.18	17.2 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.95	1.11	17.2 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	223.35	197.81	(11.4 %)
Gross Income	112.40	100.09	(11.0 %)
Operating Income	103.99	91.69	(11.8 %)
Net Income	100.87	100.18	(0.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.12	1.11	(0.7 %)

The second-quarter net profit after Zakat and tax jumped 17% year-on-year (YoY) to SAR 100.2 million.

On a sequential basis, Q2 net profit slipped 0.7% from SAR 100.87 million.

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