Yamama Cement's H1 2020 net profit up 39% to SAR 171.8 mln

26/07/2020 Argaam Exclusive

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Yamama Cement Co. reported a net profit after Zakat and tax of SAR 171.8 million for the first half of 2020, a 39% year-on-year (YoY) increase.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 379.22 457.15 20.6 %
Gross Income 156.19 223.91 43.4 %
Operating Income 124.67 187.88 50.7 %
Net Income 123.80 174.80 41.2 %
Average Shares 202.50 202.50 -
EPS (Riyals) 0.61 0.86 41.2 %

The increase in net profit was attributed to increased sales driven by higher demand.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 165.33 167.13 1.1 %
Gross Income 65.45 77.94 19.1 %
Operating Income 50.79 56.60 11.4 %
Net Income 53.17 50.84 (4.4 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 0.26 0.25 (4.4 %)

The company reported a net profit after Zakat and tax of SAR 47.9 million in Q2 2020, a 10% YoY decline, on higher general and administrative (G&A) expenses and lower other revenue.

 

When compared to previous quarter, net profit fell 61.4% on lower sales volume and value due to the month of Ramadan, Eid Al-Fitr holidays, and curfew period, in addition to higher G&A expenses.

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