Hail Cement 9M 2021 net profit down 44% to SAR 47.2 mln

04/11/2021 Argaam Exclusive

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Hail Cement Co. reported a net profit after Zakat and tax of SAR 47.2 million for the first nine months of 2021, declining 44% from SAR 84.8 million in the same period last year.

The cement producer attributed the profit drop to lower revenue.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	257.38	203.88	(20.8 %)
Gross Income	113.72	63.69	(44.0 %)
Operating Income	96.27	45.25	(53.0 %)
Net Income	84.80	47.17	(44.4 %)
Average Shares	97.90	97.90	-
EPS (Riyals)	0.87	0.48	(44.4 %)

The third-quarter net profit after Zakat and tax declined 74% year-on-year (YoY) to SAR 6 million, due to lower revenue and higher expenses.

When compared to previous quarter, Q3 2021 net profit dropped 61.1%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	71.68	56.08	(21.8 %)
Gross Income	30.24	12.33	(59.2 %)
Operating Income	24.19	6.38	(73.6 %)
Net Income	22.83	5.96	(73.9 %)
Average Shares	97.90	97.90	-
EPS (Riyals)	0.23	0.06	(73.9 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	65.91	56.08	(14.9 %)
Gross Income	20.45	12.33	(39.7 %)
Operating Income	15.03	6.38	(57.6 %)
Net Income	15.35	5.96	(61.2 %)
Average Shares	97.90	97.90	-
EPS (Riyals)	0.16	0.06	(61.2 %)

Shareholders' equity, excluding minority interests, at the end of 9M 2021 amounted to SAR 1.161 billion, compared to SAR 1.163 billion in the year-earlier period.

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