Northern Cement posts 13% rise in 9M 2021 net profit to SAR 71 mln

03/11/2021 Argaam Exclusive

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Northern Region Cement Co. reported a net profit after Zakat and tax of SAR 71 million in the first nine months of 2021, up by 13%, from SAR 62.7 million in prior-year period.

This profit growth was driven by lower cost of finance, higher investment profit despite lower average selling prices.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	485.10	435.30	(10.3 %)
Gross Income	142.49	138.18	(3.0 %)
Operating Income	85.19	84.51	(0.8 %)
Net Income	62.88	70.93	12.8 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.35	0.39	12.8 %

The cement producer’s Q3 2021 net profit dropped 14% year-on-year (YoY) to SAR 18.4 million, on lower sales volume and decreased average selling price.

On a sequential basis, net profit fell 42.4%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	172.90	128.10	(25.9 %)
Gross Income	48.71	42.02	(13.7 %)
Operating Income	30.10	21.50	(28.6 %)
Net Income	21.52	18.36	(14.7 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.12	0.10	(14.7 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	145.32	128.10	(11.9 %)
Gross Income	42.29	42.02	(0.6 %)
Operating Income	26.60	21.50	(19.1 %)
Net Income	20.91	18.36	(12.2 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.12	0.10	(12.2 %)

Total shareholders’ equity (after deducting minority equity) stood at SAR 2.18 billion in the nine-month period, compared to SAR 2.16 billion in year-earlier period.

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