Yamama Cement's H1 2020 net profit up 39% to SAR 171.8 mln

26/07/2020 Argaam Exclusive

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Yamama Cement Co. reported a net profit after Zakat and tax of SAR 171.8 million for the first half of 2020, a 39% year-on-year (YoY) increase.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	379.22	457.15	20.6 %
Gross Income	156.19	223.91	43.4 %
Operating Income	124.67	187.88	50.7 %
Net Income	123.80	174.80	41.2 %
Average Shares	202.50	202.50	-
EPS (Riyals)	0.61	0.86	41.2 %

The increase in net profit was attributed to increased sales driven by higher demand.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	165.33	167.13	1.1 %
Gross Income	65.45	77.94	19.1 %
Operating Income	50.79	56.60	11.4 %
Net Income	53.17	50.84	(4.4 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.26	0.25	(4.4 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	290.02	167.13	(42.4 %)
Gross Income	145.97	77.94	(46.6 %)
Operating Income	131.29	56.60	(56.9 %)
Net Income	123.97	50.84	(59.0 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.61	0.25	(59.0 %)

The company reported a net profit after Zakat and tax of SAR 47.9 million in Q2 2020, a 10% YoY decline, on higher general and administrative (G&A) expenses and lower other revenue.

When compared to previous quarter, net profit fell 61.4% on lower sales volume and value due to the month of Ramadan, Eid Al-Fitr holidays, and curfew period, in addition to higher G&A expenses.

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