Financial Results : Saudi Cement posts 7% rise in 9M 2020 net profit to SAR 328.5 mln

Saudi Cement posts 7% rise in 9M 2020 net profit to SAR 328.5 mln

29/10/2020 Argaam Exclusive

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Saudi Cement Co. (SCC) reported a net profit after Zakat and tax of SAR 328.5 million for the first nine months of 2020, an increase of 7% from SAR 328.5 million a year earlier. The strong performance was backed by an increase in sales and other income, along with lower finance charges, as well as general and administrative expenses.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 1,039.09 1,134.62 9.2 %
Gross Income 453.15 489.63 8.0 %
Operating Income 333.53 354.69 6.3 %
Net Income 307.80 331.84 7.8 %
Average Shares 153.00 153.00 -
EPS (Riyals) 2.01 2.17 7.8 %

The third quarter net profit after Zakat and tax jumped 28% year-on-year (YoY) to SAR 106.4 million, thanks to higher sales and other income, as well as increased profit share from associates. SCC also reported a decline in finance charges as well as general and administrative expenses.

 

When compared to Q2 2020, net profit rose by 42.8%, on higher sales and other income, as well as increased profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 310.12 386.81 24.7 %
Gross Income 131.84 163.18 23.8 %
Operating Income 92.84 113.99 22.8 %
Net Income 83.02 107.64 29.7 %
Average Shares 153.00 153.00 -
EPS (Riyals) 0.54 0.70 29.7 %

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