Saudi Cement 2021 net profit drops 27% to SAR 331.9 mln; Q4 earnings at SAR 67.4 mln

27/02/2022 Argaam Exclusive

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Saudi Cement Co. posted a net profit after Zakat and tax of SAR 331.9 million for 2021, down 27% from SAR 456 million in the year-earlier period.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,569.63	1,409.57	(10.2 %)
Gross Income	666.38	530.39	(20.4 %)
Operating Income	479.07	344.30	(28.1 %)
Net Income	455.96	331.92	(27.2 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	2.98	2.17	(27.2 %)

The company attributed the profit decline to lower sales revenues because of the decrease in average local selling prices despite the increase in local sold quantities, share in net results of associates, other income, and the decrease in financial charges.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	435.01	327.45	(24.7 %)
Gross Income	176.75	109.01	(38.3 %)
Operating Income	124.38	64.91	(47.8 %)
Net Income	124.12	67.40	(45.7 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.81	0.44	(45.7 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	304.93	327.45	7.4 %
Gross Income	109.05	109.01	0.0 %
Operating Income	62.75	64.91	3.4 %
Net Income	58.72	67.40	14.8 %
Average Shares	153.00	153.00	-
EPS (Riyals)	0.38	0.44	14.8 %

In Q4 2021, the cement producer posted a 46% decline in net profit to SAR 67.4 million compared with a year earlier.

On a sequential basis, Q4 2021 increased by 14.7% from SAR 58.72 million.

Shareholders' equity, excluding minority interest, at the end of the period amounted to SAR 2.433 billion, compared to SAR 2.652 billion a year earlier.

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