Tabuk Cement’s net profit surges to SAR 51.6 mln in 2020

07/03/2021 Argaam Exclusive

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Tabuk Cement Co. reported a net profit after Zakat and tax of SAR 51.6 million in 2020, more than double from a profit of SAR 24.2 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	238.66	276.46	15.8 %
Gross Income	54.58	68.25	25.0 %
Operating Income	27.34	44.94	64.4 %
Net Income	24.19	51.58	113.2 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.27	0.57	113.2 %

The increase in profit was driven by higher sales revenue and volume, lower cost of sales, a decrease in marketing and selling expenses, higher other revenues, along with gains from adjusting the cash flows of a financial liability.

The company also noted a decrease in financing expenses, in addition to recording unrealized profits of SAR 10.33 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	66.28	79.56	20.0 %
Gross Income	14.01	21.33	52.2 %
Operating Income	5.41	14.90	175.3 %
Net Income	6.55	12.66	93.4 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.07	0.14	93.4 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	71.49	79.56	11.3 %
Gross Income	19.49	21.33	9.5 %
Operating Income	13.83	14.90	7.7 %
Net Income	9.47	12.66	33.7 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.11	0.14	33.7 %

The Q4 2020 net profit after Zakat and tax surged 93% year-on-year (YoY) to SAR 12.7 million.

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