Saudi Cement net profit falls 20% to SAR 264.5 mln in 9M 2021

02/11/2021 Argaam Exclusive

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Saudi Cement Co. reported a net profit after Zakat and tax of SAR 264.5 million for the first nine months of 2021, a 20% decline compared to a net profit of SAR 331.8 million in the same period last year.

The company attributed the decrease in net profit to lower selling prices and higher selling and distribution expenses.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,134.62	1,082.12	(4.6 %)
Gross Income	489.63	421.39	(13.9 %)
Operating Income	354.69	279.39	(21.2 %)
Net Income	331.84	264.52	(20.3 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	2.17	1.73	(20.3 %)

The company reported a net profit of SAR 58.7 million for Q3 2021, a 46% year-on-year (YoY) decrease.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	386.81	304.93	(21.2 %)
Gross Income	163.18	109.05	(33.2 %)
Operating Income	113.99	62.75	(45.0 %)
Net Income	107.64	58.72	(45.4 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.70	0.38	(45.4 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	348.12	304.93	(12.4 %)
Gross Income	138.70	109.05	(21.4 %)
Operating Income	91.96	62.75	(31.8 %)
Net Income	86.37	58.72	(32.0 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.56	0.38	(32.0 %)

On a sequential basis, net profit fell 32% from SAR 86.4 million in Q2 2021.

Shareholders’ equity, after minority interest, dropped 5.9% to SAR 2.377 billion as of Sept. 30, 2021, from SAR 2.526 billion a year earlier.

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