Tabuk Cement posts twofold rise in H1 2020 profit to SAR 29.5 mln

12/08/2020 Argaam Exclusive

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Tabuk Cement Co. reported a net profit after Zakat and tax of SAR 29.5 million for H1 2020, more than twofold increase year-on-year (YoY), compared to SAR 12.6 million a year earlier, driven by higher sales volumes, lower marketing and selling expenses, and a decline in financial costs.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	113.92	125.41	10.1 %
Gross Income	25.98	27.43	5.6 %
Operating Income	12.04	16.21	34.6 %
Net Income	12.61	29.45	133.5 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.14	0.33	133.5 %

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	61.15	49.99	(18.3 %)
Gross Income	13.15	9.91	(24.7 %)
Operating Income	4.04	4.65	15.1 %
Net Income	8.98	0.54	(94.0 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.10	0.01	(94.0 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	75.42	49.99	(33.7 %)
Gross Income	17.53	9.91	(43.5 %)
Operating Income	11.55	4.65	(59.7 %)
Net Income	28.91	0.54	(98.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.32	0.01	(98.1 %)

The second-quarter net profit after Zakat and tax more fell 94% to SAR 540,000, compared to SAR 8.88 million in Q2 2019, due to decline in net sales amid COVID-19 pandemic, decrease in other income, as well as zero profits from investments.

When compared to the previous quarter, the cement producer’s net profit dropped by 98.1%

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