Financial Results : Saudi Cement net profit rises 12% to SAR 147.6 mln in Q1 2020

Saudi Cement net profit rises 12% to SAR 147.6 mln in Q1 2020

17/05/2020 Argaam Exclusive

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Saudi Cement Co. posted a net profit after Zakat and tax of SAR 147.6 million for the first quarter of 2020, a jump of 12% year-on-year (YoY) compared to a profit of SAR 132.4 million in the same period last year.

 

The increase in profit was driven by higher sales, despite higher general and administrative (G&A) expenses, higher sales and distribution costs, lower share of profits from associates and higher Zakat provision.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 390.36 450.36 15.4 %
Gross Income 181.04 202.77 12.0 %
Operating Income 141.00 157.77 11.9 %
Net Income 132.44 148.51 12.1 %
Average Shares 153.00 153.00 -
EPS (Riyals) 0.87 0.97 12.1 %

On a sequential basis, net profit rose by 2.7% driven by higher sales and lower Zakat provision. This was despite higher G&A expenses, higher sales and distribution costs, and lower share of profits from associates.

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