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.
| 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.
| 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 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 161.87 | 145.32 | (10.2 %) |
| Gross Income | 53.87 | 42.29 | (21.5 %) |
| Operating Income | 36.41 | 26.60 | (27.0 %) |
| Net Income | 31.66 | 20.91 | (34.0 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.18 | 0.12 | (34.0 %) |
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