Arabian Cement Co. reported a net profit after Zakat and tax of SAR 161.5 million for 2021, a drop of 13% from SAR 184.9 million last year.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 871.92 | 1,033.21 | 18.5 % |
| Gross Income | 302.54 | 308.94 | 2.1 % |
| Operating Income | 230.82 | 205.21 | (11.1 %) |
| Net Income | 184.94 | 161.52 | (12.7 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 1.85 | 1.62 | (12.7 %) |
The profit decline was attributed to lower average selling prices of the parent company, an increase in the marketing expenses due to higher export volume and G&A expenses, and higher income tax due to expiry of tax exemption period in the subsidiary company in Jordan.
The firm also noted impairment provision for projects under construction, despite an increase in sales volume and value in Arabian Cement and the Jordanian subsidiary, along with an increase of profit of subsidiary and associate companies.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 290.80 | 255.80 | (12.0 %) |
| Gross Income | 96.95 | 74.08 | (23.6 %) |
| Operating Income | 69.45 | 43.51 | (37.4 %) |
| Net Income | 53.33 | 23.31 | (56.3 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.53 | 0.23 | (56.3 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 222.92 | 255.80 | 14.7 % |
| Gross Income | 67.76 | 74.08 | 9.3 % |
| Operating Income | 45.74 | 43.51 | (4.9 %) |
| Net Income | 37.73 | 23.31 | (38.2 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.38 | 0.23 | (38.2 %) |
The cement producer reported a net profit of SAR 23.3 million for Q4 2021, a 56% year-on-year (YoY) decline.
On a sequential basis, the Q4 profit slipped 38.3%.
Total shareholders' equity, excluding minority interests, amounted to SAR 2.749 billion in 2021, compared to SAR 2.872 billion in 2020.
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