Al Jouf Cement posts SAR 30.7 mln net profit in 9M 2020

29/10/2020 Argaam Exclusive

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Al Jouf Cement Co. posted a net profit after Zakat and tax of SAR 30.7 million in the first nine months of 2020, a sharp rise year-on-year (YoY), compared to SAR 2.7 million in the same period last year.

The company attributed the rise in profit to higher quantity and value of sales, lower cost of sales per ton as a result of the increase in production, despite lower other revenues, rise in Zakat expenses, and the increase in general expenses as a result of COVID-19 during the second quarter.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	130.02	184.24	41.7 %
Gross Income	21.50	57.80	168.8 %
Operating Income	4.80	39.42	720.6 %
Net Income	2.71	30.68	1030.5 %
Average Shares	108.70	108.70	-
EPS (Riyals)	0.02	0.28	1030.5 %

The company posted a net profit after Zakat and tax of SAR 8.2 million in Q3 2020, on higher quantity and selling prices, lower selling cost, despite higher Zakat expenses.

Meanwhile, compared to Q2 2020, the cement producer reported profits due to lower general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	26.98	68.94	155.5 %
Gross Income	7.96	18.41	131.4 %
Operating Income	2.54	12.69	400.4 %
Net Income	1.11	8.22	643.4 %
Average Shares	108.70	108.70	-
EPS (Riyals)	0.01	0.08	643.4 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	56.49	68.94	22.0 %
Gross Income	15.75	18.41	16.9 %
Operating Income	9.23	12.69	37.5 %
Net Income	7.25	8.22	13.5 %
Average Shares	108.70	108.70	-
EPS (Riyals)	0.07	0.08	13.5 %

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