Tabuk Cement’s profit rises over twofold to SAR 38.9 mln in 9M 2020

15/10/2020 Argaam Exclusive

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Tabuk Cement Co. reported a net profit after Zakat and tax of SAR 38.9 million for the first nine months of 2020, an over twofold increase from SAR 17.6 million a year earlier. The profit rise was driven by higher revenue and sales volumes, lower marketing and selling expenses, a decline in financial costs, along with gains from adjusting the cash flows of a financial liability.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	172.38	196.90	14.2 %
Gross Income	40.56	46.92	15.7 %
Operating Income	21.93	30.04	37.0 %
Net Income	17.64	38.92	120.7 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.20	0.43	120.7 %

The third-quarter net profit after Zakat and tax surged 88% year-on-year (YoY) to SAR 9.5 million, backed by higher revenue and sales volumes, lower average costs amid rationalized expenses.

The cement producer’s Q3 net profit jumped from SAR 540,000 in Q2 2020, due to better revenue, lower average costs amid rationalized expenses. In addition, the second quarter figures were hit by the COVID-19 pandemic.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	58.46	71.49	22.3 %
Gross Income	14.59	19.49	33.6 %
Operating Income	9.89	13.83	39.8 %
Net Income	5.03	9.47	88.5 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.06	0.11	88.5 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	49.99	71.49	43.0 %
Gross Income	9.91	19.49	96.7 %
Operating Income	4.65	13.83	197.3 %
Net Income	0.54	9.47	1670.1 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.01	0.11	1670.1 %

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