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 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	439.34	287.33	(34.6 %)
Gross Income	184.15	103.27	(43.9 %)
Operating Income	171.02	90.79	(46.9 %)
Net Income	169.14	87.47	(48.3 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.21	0.62	(48.3 %)

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