Southern Cement’s profit slumps 65% in 9M on lower sales

24/10/2017 Argaam Exclusive

 

Southern Province Cement Co.’s profit tumbled 64.5 percent year-on-year (YoY) to SAR 257 million in the first nine months of 2017 due to lower sales amid weak demand, the company said in a statement.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 1,421.73 761.74 (46.4 %)
Gross Income 753.15 287.12 (61.9 %)
Operating Income 718.43 251.10 (65.0 %)
Net Income 724.74 256.67 (64.6 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 5.18 1.83 (64.6 %)

Net income in the third quarter plunged 67.2 percent YoY to SAR 57 million on lower selling prices due to fierce competition in the market.

 

Compared to the previous quarter, Q3 profit dropped 40 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 379.76 215.60 (43.2 %)
Gross Income 183.92 65.02 (64.6 %)
Operating Income 175.02 56.80 (67.5 %)
Net Income 173.56 57.16 (67.1 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 1.24 0.41 (67.1 %)

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