Northern Cement net profit up 13% to SAR 63.1 mln in 9M 2020

05/11/2020 Argaam Exclusive

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Northern Region Cement Co. net profit after Zakat and tax rose 13% year-on-year (YoY) to SAR 63.1 million for the first nine months of 2020, driven by higher sales revenue in Q1, lower net financing costs and higher profit from associate investments.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	463.25	485.10	4.7 %
Gross Income	161.33	142.49	(11.7 %)
Operating Income	92.18	85.19	(7.6 %)
Net Income	55.47	62.88	13.4 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.31	0.35	13.4 %

The third-quarter net profit after Zakat and tax slumped 18% YoY to SAR 21.4 million, due to lower sales volumes and higher Zakat and income tax provisions.

On a sequential basis, Q3 2020 net profit jumped 52.6%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	194.69	172.90	(11.2 %)
Gross Income	61.09	48.71	(20.3 %)
Operating Income	37.85	30.10	(20.5 %)
Net Income	26.08	21.52	(17.5 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.14	0.12	(17.5 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	132.04	172.90	30.9 %
Gross Income	39.91	48.71	22.1 %
Operating Income	24.14	30.10	24.7 %
Net Income	13.93	21.52	54.4 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.08	0.12	54.4 %

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