Financial Results : Southern Cement Q1 2020 net profit rises 53% to SAR 183 mln

Southern Cement Q1 2020 net profit rises 53% to SAR 183 mln

17/05/2020 Argaam Exclusive

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Southern Province Cement Co. reported a net profit after Zakat and tax of SAR 183 million for the first quarter of 2020, a 53% year-on-year (YoY) increase, compared to SAR 120 million for the same period last year.

 

The company attributed the increase to higher revenue of sales by 33.63%, higher domestic sales volume by 27.47%, and rise in export sales by 48.6%.

 

Lower financial charges and higher miscellaneous income also contributed to the increase.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 341.95 457.21 33.7 %
Gross Income 137.34 192.67 40.3 %
Operating Income 125.63 181.19 44.2 %
Net Income 119.87 183.48 53.1 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.86 1.31 53.1 %

When compared to the previous quarter, net profit increased by 13% on higher sales revenue, lower financial charges and rise in various other revenues.

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