Financial Results : Yanbu Cement net profit jumps 15% to SAR 129.6 mln in H1 2020

Yanbu Cement net profit jumps 15% to SAR 129.6 mln in H1 2020

23/07/2020 Argaam Exclusive

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Yanbu Cement Co. reported a net profit after Zakat and tax of SAR 129.6 million for the first half of 2020, a rise of 15% year-on-year (YoY), compared to SAR 113 million in the same period last year.

 

The increase in profits was driven by higher sales volumes, along with a drop in selling, general and administrative expenses.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 469.38 434.33 (7.5 %)
Gross Income 155.83 167.18 7.3 %
Operating Income 121.62 141.39 16.3 %
Net Income 112.96 128.68 13.9 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.72 0.82 13.9 %

The second quarter net profit after Zakat and tax declined 7% to SAR 37.3 million, from SAR 40 million in Q2 2019, hit by the allocation of an additional Zakat provision.

 

When compared to the previous quarter, Q2 net profit plunged 59.5%, due to lower sales during the holy month of Ramadan and Eid Al-Fitr, as well as higher Zakat provision. Moreover, the market was roiled by the coronavirus pandemic.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 209.57 156.93 (25.1 %)
Gross Income 63.15 56.13 (11.1 %)
Operating Income 40.41 43.59 7.8 %
Net Income 40.44 36.67 (9.3 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 0.26 0.23 (9.3 %)

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