Tabuk Cement net profit plunges 55% to SAR 17.4 mln in 9M 2021

03/11/2021 Argaam Exclusive

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Tabuk Cement Co. reported a net profit after Zakat and tax of SAR 17.4 million for the first nine months of 2021, a 55% plunge from SAR 38.9 million in the same period last year.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	196.90	174.22	(11.5 %)
Gross Income	46.92	39.20	(16.5 %)
Operating Income	30.04	19.61	(34.7 %)
Net Income	38.92	17.42	(55.3 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.43	0.19	(55.3 %)

The decline was attributed to lower value and volume of sales, along with amortization of the cash flow adjustment.

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

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	71.49	48.00	(32.9 %)
Gross Income	19.49	8.79	(54.9 %)
Operating Income	13.83	2.55	(81.5 %)
Net Income	9.47	8.48	(10.4 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.11	0.09	(10.4 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	49.26	48.00	(2.5 %)
Gross Income	9.46	8.79	(7.1 %)
Operating Income	2.98	2.55	(14.2 %)
Net Income	(1.13)	8.48	851.9 %
Average Shares	90.00	90.00	-
EPS (Riyals)	(0.01)	0.09	851.9 %

The net profit after Zakat and tax dipped 11% year-on-year (YoY) to SAR 8.5 million in Q3 2021.

On a sequential basis, Q3 net profit jumped from SAR 1.9 million.

Shareholders’ equity, after minority interest, increased to SAR 1.266 billion as of Sept. 30, 2021, from SAR 1.226 billion a year earlier.

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