Financial Results : Saudi Cement posts net profit of SAR 222.1 mln in H1 2020

Saudi Cement posts net profit of SAR 222.1 mln in H1 2020

10/08/2020 Argaam Exclusive

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Saudi Cement Co. reported a net profit after Zakat and tax of SAR 222.1 million for the first half of 2020, marginal decrease of 1% year-on-year (YoY), from SAR 224.8 million a year earlier. 

 

The marginal decline was attributed to higher Zakat provision, selling and distribution expenses, as well as a decline in the company’s share in the net results of associates



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 728.97 747.81 2.6 %
Gross Income 321.32 326.45 1.6 %
Operating Income 240.69 240.69 -
Net Income 224.78 224.20 (0.3 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 1.47 1.47 (0.3 %)

The second quarter net profit after Zakat and tax fell 19% year-on-year (YoY) to SAR 74.5 million, pressured by lower sales, higher selling and distribution expenses, as well as Zakat provision.

 

Moreover, the cement producer reported lower share in the net results of associates.

 

When compared to Q1 2020, net profit plunged 50%, due to lower sales during the holy month of Ramadan and Eid Al-Fitr, in addition to the global impact of the COVID-19 pandemic.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 338.61 297.45 (12.2 %)
Gross Income 140.28 123.67 (11.8 %)
Operating Income 99.70 82.92 (16.8 %)
Net Income 92.34 75.70 (18.0 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 0.60 0.49 (18.0 %)

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