Financial Results : Southern Cement net profit rises 51% to SAR 318 mln in H1 2020

Southern Cement net profit rises 51% to SAR 318 mln in H1 2020

10/08/2020 Argaam Exclusive

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Southern Province Cement Co. (SPCC) reported a net profit after Zakat and tax of SAR 318 million for the first half of 2020, a 51% rise year-on-year (YoY), compared to SAR 211 million a year earlier.

 

The profit increase was driven by a 28.96% YoY revenue growth and a 25.55% YoY rise in sales volumes. Moreover, other revenue surged by over fourfold YoY.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 617.60 796.55 29.0 %
Gross Income 250.41 345.06 37.8 %
Operating Income 223.20 318.57 42.7 %
Net Income 210.64 318.36 51.1 %
Average Shares 140.00 140.00 -
EPS (Riyals) 1.50 2.27 51.1 %

The second quarter net profit after Zakat and tax rose 48.4% YoY to SAR 135 million, backed by a 22.8% YoY revenue growth, a 23% YoY rise in sales volumes. Moreover, other revenue surged by over threefold on an annual basis.

 

When compared to the previous quarter, net profit fell by 26% on a drop of 26% in sales revenue amid a decrease of 26.4% in sales volumes. Other revenue saw a slump of 75.2% on a quarterly basis. Moreover, finance charges increased by 75% quarter-on-quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 275.65 339.34 23.1 %
Gross Income 113.07 152.40 34.8 %
Operating Income 97.56 137.38 40.8 %
Net Income 90.77 134.88 48.6 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.65 0.96 48.6 %

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