Financial Results : Southern Cement net profit falls 15% to SAR 270 mln in H1 2021

Southern Cement net profit falls 15% to SAR 270 mln in H1 2021

11/08/2021 Argaam Exclusive

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Southern Province Cement Co. posted a net profit after Zakat and tax of SAR 270 million for H1 2021, a slump of 15%, from SAR 318 million in the prior-year period, driven by a sales revenue decline of 8.78%, a 49.82% drop in other income and a 94.54% increase in Zakat provisions.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 796.55 726.67 (8.8 %)
Gross Income 345.06 287.42 (16.7 %)
Operating Income 318.57 261.81 (17.8 %)
Net Income 318.36 256.61 (19.4 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 2.27 1.83 (19.4 %)

Q2 2021 net profit stood at SAR 95 million, a decline of 30% year-on-year (YoY), due to a 15.34% fall in sales revenue and a 17.25% tumble in sales volumes. Other income also decreased by 44.41%.

 

On a sequential basis, the second-quarter earnings dropped 45.7%.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 339.34 287.33 (15.3 %)
Gross Income 152.40 103.27 (32.2 %)
Operating Income 137.38 90.79 (33.9 %)
Net Income 134.88 87.47 (35.2 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.96 0.62 (35.2 %)

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