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.
| 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 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 430.79 | 439.34 | 2.0 % |
| Gross Income | 199.43 | 184.15 | (7.7 %) |
| Operating Income | 186.29 | 171.02 | (8.2 %) |
| Net Income | 141.25 | 169.14 | 19.7 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 1.01 | 1.21 | 19.7 % |
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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