Financial Results : Southern Cement net profit declines 5% to SAR 175 mln in Q1 2021

Southern Cement net profit declines 5% to SAR 175 mln in Q1 2021

04/05/2021 Argaam Exclusive

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Southern Province Cement Co. reported a net profit after Zakat and tax of SAR 175 million, a drop of 4.6% from SAR 183 million in the year-ago period. The company was hit by lower sales revenue, an increase in general and administrative marketing expenses.

 

The cement producer also cited a decline in income from investments and in its profit share from an associate, as well as foreign exchange losses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 457.21 439.34 (3.9 %)
Gross Income 192.67 184.15 (4.4 %)
Operating Income 181.19 171.02 (5.6 %)
Net Income 183.48 169.14 (7.8 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 1.31 1.21 (7.8 %)

When compared to Q4 2020, the company’s net profit after Zakat and tax jumped by 24% from SAR 141 million, backed by higher sales revenue, a decline in the cost of sales and better other income.

 

Shareholders’ equity, excluding minority interest, edged down 1% to SAR 3.455 billion by the end of Q1 2021, compared to SAR 3.490 billion in the year-ago period.

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