Financial Results : Northern Cement Q1 2021 net profit rises 15% to SAR 31.9 mln

Northern Cement Q1 2021 net profit rises 15% to SAR 31.9 mln

03/05/2021 Argaam Exclusive

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Northern Region Cement Co. (NRCC) reported a net profit after Zakat and tax of SAR 31.9 million for Q1 2021, a rise of 15% from SAR 27.6 million in the year-ago period.

 

The quarterly figures were driven by an increase in investment returns from Kubaisa factory in Iraq, along with a decline in finance costs.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 180.17 161.87 (10.2 %)
Gross Income 53.88 53.87 0.0 %
Operating Income 30.96 36.41 17.6 %
Net Income 27.43 31.66 15.4 %
Average Shares 180.00 180.00 -
EPS (Riyals) 0.15 0.18 15.4 %

When compared to Q4 2020, the company’s net profit after Zakat and tax decreased by 29.4% from SAR 45.13 million, hit by the lower sales revenue and lower revenue from Kubaisa factory in Iraq, when compared to the previous quarter.

Shareholders’ equity, excluding minority interest, declined 0.9% to SAR 2.185 billion by the end of Q1 2021, compared to SAR 2.205 billion in the year-ago period.

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