Tabuk Cement Co. reported a net profit after Zakat and tax of SAR 29.5 million for H1 2020, more than twofold increase year-on-year (YoY), compared to SAR 12.6 million a year earlier, driven by higher sales volumes, lower marketing and selling expenses, and a decline in financial costs.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 113.92 | 125.41 | 10.1 % |
| Gross Income | 25.98 | 27.43 | 5.6 % |
| Operating Income | 12.04 | 16.21 | 34.6 % |
| Net Income | 12.61 | 29.45 | 133.5 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.14 | 0.33 | 133.5 % |
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 61.15 | 49.99 | (18.3 %) |
| Gross Income | 13.15 | 9.91 | (24.7 %) |
| Operating Income | 4.04 | 4.65 | 15.1 % |
| Net Income | 8.98 | 0.54 | (94.0 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.10 | 0.01 | (94.0 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 75.42 | 49.99 | (33.7 %) |
| Gross Income | 17.53 | 9.91 | (43.5 %) |
| Operating Income | 11.55 | 4.65 | (59.7 %) |
| Net Income | 28.91 | 0.54 | (98.1 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.32 | 0.01 | (98.1 %) |
The second-quarter net profit after Zakat and tax more fell 94% to SAR 540,000, compared to SAR 8.88 million in Q2 2019, due to decline in net sales amid COVID-19 pandemic, decrease in other income, as well as zero profits from investments.
When compared to the previous quarter, the cement producer’s net profit dropped by 98.1%
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