Tabuk Cement’s net profit tumbles 70% to SAR 9 mln in H1 2021

12/08/2021 Argaam Exclusive

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Tabuk Cement Co. reported a net profit after Zakat and tax of SAR 9 million for the first half of 2021, a plunge of 70% from SAR 29.5 million in the same period last year.

The decline was attributed to cash flow adjustment gains of a financial liability and amortization of the cash flow adjustment.

Moreover, the company cited an increase in selling, general and Zakat expenses during the period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	125.41	126.21	0.6 %
Gross Income	27.43	30.42	10.9 %
Operating Income	16.21	17.05	5.2 %
Net Income	29.45	8.94	(69.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.33	0.10	(69.7 %)

In Q2 2021, the cement producer’s net profit after Zakat and tax skyrocketed to SAR 1.9 million from SAR 0.54 million in the year-ago period, backed by the lower cost of sales and production for the current quarter. Tabuk Cement also cited a decline in depreciation expenses for the current quarter, lower finance charges and the recording of unrealized profits of SAR 339,000.

When compared to the previous quarter, net profit after Zakat and tax plummeted 73% from SAR 7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	49.99	49.26	(1.5 %)
Gross Income	9.91	9.46	(4.5 %)
Operating Income	4.65	2.98	(36.0 %)
Net Income	0.54	(1.13)	(310.8 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.01	(0.01)	(310.8 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	76.96	49.26	(36.0 %)
Gross Income	20.95	9.46	(54.8 %)
Operating Income	14.08	2.98	(78.9 %)
Net Income	10.06	(1.13)	(111.2 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.11	(0.01)	(111.2 %)

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