Al Jouf Cement net profit up 23% to SAR 27.5 mln in H1 2021

19/08/2021 Argaam Exclusive

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Al Jouf Cement Co. reported a net profit after Zakat and tax of SAR 27.5 million for the first half of 2021, a rise of 22.6% from SAR 22.5 million a year earlier.

The company attributed the increase in net profit to higher sales and lower cost of sales, despite an increase in financing charges and Zakat expenses.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	115.30	121.63	5.5 %
Gross Income	39.38	49.50	25.7 %
Operating Income	26.72	37.49	40.3 %
Net Income	22.46	25.69	14.4 %
Average Shares	108.70	108.70	-
EPS (Riyals)	0.21	0.24	14.4 %

In Q2 2021, net profit after Zakat and tax grew by 12% to SAR 8.1 million from SAR 7.2 million in the year-ago period, backed by a decline in the cost of goods sold.

Sequentially, the cement producer’s net profit after Zakat and tax fell by 58% from SAR 19.4 million, as sales dropped due to seasonal factors, such as the holy month of Ramadan and Eid Al-Fitr holidays.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	56.49	53.74	(4.9 %)
Gross Income	15.75	19.25	22.2 %
Operating Income	9.23	13.12	42.1 %
Net Income	7.25	7.69	6.1 %
Average Shares	108.70	108.70	-
EPS (Riyals)	0.07	0.07	6.1 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	67.89	53.74	(20.8 %)
Gross Income	30.25	19.25	(36.4 %)
Operating Income	24.37	13.12	(46.2 %)
Net Income	18.00	7.69	(57.3 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.17	0.07	(57.3 %)

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