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 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	297.45	386.81	30.0 %
Gross Income	123.67	163.18	31.9 %
Operating Income	82.92	113.99	37.5 %
Net Income	75.70	107.64	42.2 %
Average Shares	153.00	153.00	-
EPS (Riyals)	0.49	0.70	42.2 %

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