Southern Cement 2021 net profit falls 26% to SAR 450 mln; Q4 earnings down to SAR 96.6 mln

09/03/2022 Argaam Exclusive

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Southern Province Cement Co. (SPCC) reported a 26% drop in 2021 net profit after Zakat and tax to SAR 450 million, compared to SAR 609 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,653.11	1,339.35	(19.0 %)
Gross Income	714.85	505.41	(29.3 %)
Operating Income	664.42	453.22	(31.8 %)
Net Income	609.38	429.15	(29.6 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	4.35	3.07	(29.6 %)

The lower profit was attributed to a decline in sales revenue amid lower volumes, along with higher general and administrative expenses.

In Q4 2021, net profit after Zakat and tax declined 32% year-on-year (YoY) to SAR 96.6 million.

On a sequential basis, the fourth-quarter net earnings grew by 12% from SAR 83.42 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	430.79	328.46	(23.8 %)
Gross Income	199.43	119.40	(40.1 %)
Operating Income	186.29	104.72	(43.8 %)
Net Income	141.25	97.91	(30.7 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.01	0.70	(30.7 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	284.22	328.46	15.6 %
Gross Income	98.58	119.40	21.1 %
Operating Income	86.63	104.72	20.9 %
Net Income	74.12	97.91	32.1 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.53	0.70	32.1 %

Shareholders’ equity, after minority interest, edged down 2.2% to SAR 3.207 billion in 2021, from SAR 3.280 billion in 2020.

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