Northern Cement 2021 profit slightly down to SAR 106.1 mln; Q4 at SAR 35.1 mln

28/03/2022 Argaam Exclusive

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Northern Region Cement Co. reported a net profit after Zakat and tax of SAR 106.1 million for 2021, a decline of 1.3% from SAR 107.5 million in the year-earlier period.

The profit decline was attributed to lower sales volume and average selling prices year-on-year (YoY), despite a significant enhancement in financing cost.

Financials (M)

Item	2020	2021	Change‬
Revenues	651.48	561.91	(13.7 %)
Gross Income	196.13	199.85	1.9 %
Operating Income	126.83	120.77	(4.8 %)
Net Income	107.50	106.06	(1.3 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.60	0.59	(1.3 %)

In Q4 2021, the company reported a net profit after Zakat and tax of SAR 35.1 million, a 21.3% decline, from SAR 44.62 million a year earlier.

Sequentially, net profit rose by nearly 91.3% from SAR 18.36 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	166.38	126.62	(23.9 %)
Gross Income	53.63	61.68	15.0 %
Operating Income	41.64	36.26	(12.9 %)
Net Income	44.62	35.13	(21.3 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.25	0.20	(21.3 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	128.10	126.62	(1.2 %)
Gross Income	42.02	61.68	46.8 %
Operating Income	21.50	36.26	68.6 %
Net Income	18.36	35.13	91.3 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.10	0.20	91.3 %

Total shareholders’ equity, after minority interest, grew to SAR 2.209 billion as of Dec. 31, 2021, from SAR 2.206 billion a year earlier.

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