Financial Results : Northern Cement posts 27% rise in H1 2021 profit to SAR 52.9 mln

Northern Cement posts 27% rise in H1 2021 profit to SAR 52.9 mln

04/08/2021 Argaam Exclusive

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Northern Region Cement Co. posted a net profit after Zakat and tax of SAR 52.9 million for the first half of 2021, a rise of 27% compared with SAR 41.7 million a year earlier.

 

The company attributed the profit growth to the increase in return from investment in Iraq, as well as decrease in financing cost, despite lower sales.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 312.20 307.20 (1.6 %)
Gross Income 93.78 96.16 2.5 %
Operating Income 55.10 63.00 14.4 %
Net Income 41.37 52.57 27.1 %
Average Shares 180.00 180.00 -
EPS (Riyals) 0.23 0.29 27.1 %

The cement producer's Q2 2021 net profit rose 50% year-on-year (YoY) to SAR 21 million, on higher return from investment in Iraq and lower financing cost.

 

Meanwhile, the company's Q2 2021 profit fell 33.9% quarter-on-quarter (QoQ), due to lower sales volume during Ramadan and Eid al-Fitr.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 132.04 145.32 10.1 %
Gross Income 39.91 42.29 6.0 %
Operating Income 24.14 26.60 10.2 %
Net Income 13.93 20.91 50.1 %
Average Shares 180.00 180.00 -
EPS (Riyals) 0.08 0.12 50.1 %

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