Saudi Cement H1 2021 profit drops 8% to SAR 205.8 mln

10/08/2021 Argaam Exclusive

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Saudi Cement Co. reported a net profit after Zakat and tax of SAR 205.8 million for the first half of 2021, declining by 8% from SAR 224.2 million a year earlier.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	747.81	777.19	3.9 %
Gross Income	326.45	312.34	(4.3 %)
Operating Income	240.69	216.64	(10.0 %)
Net Income	224.20	205.79	(8.2 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	1.47	1.35	(8.2 %)

The company attributed the profit drop to lower selling prices and other revenues, and higher selling and distribution expenses.

This was partially offset by the increase in sales volume and share in net results of associates, along with lower financing costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	297.45	348.12	17.0 %
Gross Income	123.67	138.70	12.2 %
Operating Income	82.92	91.96	10.9 %
Net Income	75.70	86.37	14.1 %
Average Shares	153.00	153.00	-
EPS (Riyals)	0.49	0.56	14.1 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	429.07	348.12	(18.9 %)
Gross Income	173.63	138.70	(20.1 %)
Operating Income	124.68	91.96	(26.2 %)
Net Income	119.42	86.37	(27.7 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.78	0.56	(27.7 %)

The second-quarter net profit after Zakat and tax rose 14% year-on-year (YoY) to SAR 86.4 million, due to higher sales and lower financial charges.

On a quarterly basis, net profit plunged 27.6%, due to lower sales during the holy month of Ramadan and Eid Al-Fitr, in addition to higher financial charges.

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