Financial Results : Saudi Cement net profit down 20% to SAR 119.4 mln in Q1 2021

Saudi Cement net profit down 20% to SAR 119.4 mln in Q1 2021

03/05/2021 Argaam Exclusive

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Saudi Cement Co. reported a net profit after Zakat and tax of SAR 119.4 million for the first quarter of 2021, a 20% decline, from a profit of SAR 148.5 million in Q1 2020.

 

The company attributed the decline in net profit to the decrease in sales and other income, as well as an increase in selling and distribution expenses, despite lower financial charges and higher profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 450.36 429.07 (4.7 %)
Gross Income 202.77 173.63 (14.4 %)
Operating Income 157.77 124.68 (21.0 %)
Net Income 148.51 119.42 (19.6 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 0.97 0.78 (19.6 %)

When compared to previous quarter, net profit for Q1 2021 fell nearly 4% due to lower sales, lower other income and lower share in net results of associates.

 

Shareholders’ equity, excluding minority interest, declined 3.7% to SAR 2.771 billion by the end of Q1 2021, compared to SAR 2.878 billion in the year-ago period.

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